Millennials – The generation that was born in the years from 1976-2000. They began entering adulthood in the year 2000.
They are and will be the target of most marketing campaigns in the US. 87 million strong and a force to be reckoned with!
How does this relate to the real estate market? Check out the numbers. Millennials are 60% of first time home buyers. They also account for 30% of nationwide home sales. Pretty powerful! By the end of the year almost 2 million home sales will be to millennials.
Millennials are starting to enter the housing market for two basic reasons. Apartment rents have increased over the past several years. The other reason is the desire to move out of mom and dad’s place. About 20% are ready to start that new career they went to college for.
Why buy a house in Colorado Springs? Colorado Springs is in the top 10% of places in the State of Colorado to buy a new home. Cheap houses in Colorado Springs. According to the Colorado Springs Gazette, incomes in Colorado Springs have risen by the highest percentage since 2011. Median home prices in Colorado Springs compared to the Denver Market are much more affordable.
The bottom line? If you are a millennial, now may be the time to buy a house in Colorado Springs!