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Rising costs forcing would-be millennial homebuyers out

Mar 1, 2017, 8:44 AM | Updated: 9:50 am

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When it comes to millennials around Puget Sound, cost is a huge factor in making that decision to purchase their first property. (AP)

(AP)

A new report out Wednesday shows millennials now make up almost half of all homebuyers in the country and many are choosing to buy in the suburbs over the city.

Related: King County’s housing market slows in January

But when it comes to millennials around Puget Sound, cost is a huge factor in making that decision to purchase their first property.

Now, more people aged 18 to 34 are searching for sale signs in neighborhoods.

According to a new report by Zillow:

• Analysts say millennials make up 42 percent of homebuyers last year – most of them buying for the first time.
• The median age of these homebuyers is 33 years old.
• About 50 percent of them are choosing properties in the suburbs, compared to 33 percent in the city.
• 64 percent of them stayed in the same city where they are already living.

Some of the top concerns for millennials in the Puget Sound region are:

• 92 percent said cost of living
• 87 percent said state of the environment
• 69 percent said homelessness
• 37 percent were most concerned about crime

For potential millennial homebuyers, here are the top things they are looking for:

• Easy access to parks.
• Proximity to quality public schools
• A short commute to work or school.

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Rising costs forcing would-be millennial homebuyers out