Alyssa Spear, a Realtor with McGeough Lamacchia Realty, sees those Millennials who are entering the market as very sure of what they want in terms of layout and location. They like open, flexible layouts and proximity to transit. Their preferred neighborhoods are within walking distance of restaurants and entertainment. They also have a propensity for doing much of their own legwork.
“A lot of young homebuyers go on Zillow even before they start working with an agent,” Spear said. “We have to be as tech savvy as we can, by texting and emailing, sometimes more often than we’re calling or seeing them in person. The focus becomes making it as easy and efficient as possible for them, even if it means writing up an offer over the phone, rather than in person.”
Today, more people in their 20s and early 30s are renting than ever before. In many cases, they hold large debts in the form of student loans, or their earnings remain low as the economy continues its slow recovery.
The schools research website Niche Ink recently ranked Boston at number six on its list of the top cities and neighborhoods for Millennials. People age 25 to 34 make up about 13 percent of the population, with Spring Hill (Somerville) ranking as the city’s best neighborhood for these young adults and Boston University as a top draw. High median rents of $1,163 are offset by a “below average” crime rate and a median annual income of $33,659.
The publication arrived at its conclusion after surveying 500,000 college students and recent graduates. Factors that were considered in the rankings also included diversity, the unemployment rate and the percentage of the population with a college diploma.
Decent wages and a low unemployment rate are certainly helpful in attracting Millennials who are working to pay off student loans and other debt. Many have put off purchasing homes, and even renting is out of the question for some. A recent Harvard University study revealed that in 2013 the number of adults living with their parents increased by about 2.1 million. That same year, student loan balances increased by about $114 billion.