Millennials Look to Buy Homes that Need Elbow Grease

Buying homes has become an increasingly popular trend among millennials but they aren't just buying any homes. Millennials are looking to buy fixer uppers instead of move in ready homes.

exterior wall with exposed brick and a wooden door

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Emma Holt

Jan 21, 2021

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The common misconception that millennials prefer to rent and hold out on buying a home for as long as possible is no longer true. Home Depot reports that first-time buyers have dramatically increased since 2005 and these buyers tend to purchase homes that need repairments or remodeled. While it’s thought that millennials would wait, it seems to be happening now.

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*seek to increase the value of their homes* Millennials

CFO Carol Tome of Home Depot spoke with TheStreet about the numbers and the second-quarter earnings at Home Depots across the country. Thanks to homeowners investing in their homes and spending more time increasing their value, Home Depot’s numbers continue to soar. It was estimated by Wall Street Home Depot would increase store sales by 4.4% but instead, sales blew away that rough calculation for a 6.3% increase.

Prices of homes have increased by 6% just this year and will continue to grow in 2018, 2019, and 2020. Because of the increase, millennials tend to search for dated homes that are not moving in ready, willing to put elbow grease into their home.

If you’re a millennial looking for your first home, then look no further. Ask an agent at HER, REALTORS® about getting pre-approved to determine just how much you can afford.