Over the last decade, the majority of first-time homebuyers in Oklahoma were some of the youngest in the nation, averaging 28 years old, according to the National Association of Realtors.
This year, millennials, defined as the age group of 18-34, are projected to surpass Baby Boomers as the nation’s largest living generation.
“Oklahoma’s diverse economy and low cost-of-living has allowed millennials to take advantage of the low mortgage rates we have right now and purchase their first home,” said Oklahoma Association of Realtors President Kacy Bell. “It is smart to consider now how your home can appeal to a millennial buyer.”
Research conducted by TD Bank shows 68 percent of millennials are looking for a move-in ready home. Millennials are busy with their careers, growing families and other activities, so they want a home that doesn’t require them to spend every weekend working on it. Amenities millennials are looking for include:
- A backyard or a pool
- Attractive design
- Energy efficient and smart technology
Oklahoma Realtors expect home purchases by millennials to continue to rise with an estimated 46 percent buying their first home in the next one to two years. This incoming age group is also prepared financially with 62 percent planning to pay a 20 percent down payment, which is a substantial increase from the previous standard of 5-10 percent down.