‘Peak’ millennials desire detached homes: report
Just over a third of “peak millennials” — those aged 25 to 30 — already own property, but a majority of them are still dreaming of a detached home, according to a new survey.
The online survey of 1,000 peak millennials, completed between June 7 and June 14, found 61 per cent of respondents would prefer to buy a detached home, but only 36 per cent believe that they will be able to afford one.
“The pent up demand for housing from millennials is enormous, with only a third of this large demographic currently owning a property and an overwhelming majority desiring to be homeowners,” said Phil Soper, president and chief executive of Royal LePage.
The study found 53 per cent of those surveyed would be willing to spend up to $350,000 on a home. On a national basis, that means on average of 2.5 bedrooms with 1.5 bathrooms and 1,272 square feet of living space.
“Many within this age range have adjusted their expectations and have become increasingly open to other property types, provided that they are move-in ready,” said LePage, in its release, noting 52 per cent of those surveyed would look to the suburbs when purchasing a property. The number jumps to 59 per cent when raising a family.
The survey by polling company Leger found that 87 per cent of Canadians aged 25 to 30 believe home ownership is a good investment. It also found 69 per cent hope to own a home in the next five years, but only 57 per cent believe they will be able to afford one.
The “bank of mom and dad” will continue to be a factor with 25 per cent of respondents who will seek support from their families.