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Millennials changing face of home-buying experience

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Compared to generations that came before, Millennials could change the way Americans shop for and buy houses.

A new survey finds many Millennials (roughly ages 27 to 41) are comfortable purchasing their biggest financial asset online.

A total of 39 percent said they would be comfortable in that situation, and nearly 60 percent said they would be at least somewhat comfortable making an offer on a home after viewing a “virtual” tour but not touring it in person.

Data come from a survey conducted on behalf of Zillow. It found that the overall percentage of prospective home-buyers willing to consider buying a home without seeing it in person stood at 23 percent.

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Millennials led the pack, followed closely by those in Generation Z (ages 18 to 26) at 36 percent. Further back were those in Generation X (42 to 56 years old) at 19 percent and Baby Boomers and older (57 and up) at just 7 percent.

Figures are the result of polling conducted Feb. 11-19 of 2,000 Americans, designed to provide a representative sample of the home-buying public.

A huge wave of Millennials – the largest generational group in the country – is now aging into its home buying years and approaching the typical age (34) of a first-time homebuyer. Zillow research forecasts there will be 6.4 million more households formed by 2025 as a result of the sheer number of Millennials hitting their mid-to-late 30s, driving housing demand for years.

“It’s clear that strong demand from the next generation of buyers will keep real estate technology in place long after the pandemic is over,” said Zillow senior vice president of product Matt Daimler.

“Digital tools rapidly adopted during the pandemic not only make home shopping safer, they make it faster and easier,” Daimler said. “Many transactions can now close remotely, too, saving time and hassle.”

The survey also found Millennials the most comfortable age group buying everything from cars to clothes to jewelry online.

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