A survey of prospective homebuyers, millennial and otherwise, reveals that the idea of a “forever home,” a house that will last through all phases of a person’s life, is outdated.
58 percent of prospective millennial homebuyers recently surveyed by homebuilder Taylor Morrison expect to change where—and the way—they live over time as their lifestyle (and income, I should add) evolves, a sentiment shared by 56 percent of all homebuyers.
A third of these millennial buyers intend to live in the next home they buy for less than 10 years, according to the survey.
This is a marked change from what I was hearing from young homebuyers just a few years ago: that they intended to buy only one house in their lifetime. Which meant that that one house had to work not just for them now, and in the short term, but in a future they could only imagine, and imperfectly. Because life she throws you a few curveballs.
Folks, there’s enough pressure on first-time homebuyers to get it right, without them trying to predict the future. It’s a good sign that many understand this.
copyright © John Fyten 2017