Millennials in Mortgage
Millennials in Mortgage
July 16th, 2020
Millennials in the mortgage industry has been a popular topic for a few years now. This includes conversation created from previous assumptions on how millennials would affect the industry to how they have completely transformed it. With the zoomer generation becoming older as well, we can expect to see even more changes in the mortgage field. Both generations have grown accustomed to using smart technology in their everyday lives. Each device is designed to create a more convenient and comfortable lifestyle via various applications, communication alternatives, and an abundance of choices.
What are millennials and how have they changed the game? Millennials are those born between 1981 and 1996, making them 24 to 39 today. This generation has grown through the rise of entertainment technology. This differs from those in generation Z who are often mistaken millennials. Many of the “zoomer” generation were born in a time where digital technology has already reached full swing. However, both generations prefer similar things pertaining to the mortgage industry due to these handy tech trinkets as well as ideologies created by the entrepreneurial era of online influencers. It’s important to adapt more to the wants and needs of these generations as they grow older and occupy more space in the field.
Transparent Pricing and Affordability
Millennials are consistently busy doing different things, trying to find new and innovative ways to make it in today’s society. That being said, they are more inclined to seek the option with the least amount of hassle. When it comes to mortgage, it was previously assumed that millennials did not want to own houses. However, nine out of ten millennial renters wish to own their own homes, according to a study held by Apartment List. Many state that the cost of living along with student debt and home affordability are the top reasons why millennials have to delay their plans on home ownership. Being able to know what to expect is an important factor for the millennial buyer. Trained in regulating debts from college tuition to balancing credit cards, millennials are no stranger to loans. Which also makes them likely to apply for mortgage loans to afford higher priced homes.
Generation Y values the words of their peers. For example, friends, family, online reviews, and even online influencers are taken into consideration when deciding what they want and where they want it. All of these references allow them to see what type of deal they are getting and will most likely jump on opportunities for cheaper homes and fixer uppers. This is also the generation that adapts the most with interiors, paying more attention to the exterior. This is why affordability and safety are their prime concerns when asking someone what’s available.
The Online Experience
The economy has switched over to a more digital approach. People are more inclined to use their phones and tablets for many of their chores and life choices. As a result, businesses have opted for using the online experience to appeal more to clients and potential customers. This includes ordering deliveries, making appointments, and even getting a taxi without ever having to speak to anyone. Millennials prioritize convenience. Hence searching the internet first for online processes. This makes mortgage and home loans companies with well built websites more likely to generate traffic. For more information on where you can obtain a professional website and digital point of sale, visit our website at https://webmaxco.com/.
Millennials, as of 2019, represent 42 percent of all new home loans according to PR Newswire. At the end of 2018, one third of millennials under the age of 35 owned a home. Additionally, they are also currently the largest generation in the United States and have bought the most homes in 2020, stated by CNBC Make It. With their growing buying power, it is intriguing to see how they will continue to shape the mortgage business field within the next ten years.