They’re splashdown better jobs and higher salaries. They’re getting married and attired in b be committed to kids. And they’re tired of living in their parents’ basements.
Now, here’s another on account of Millennials are itching to buy a house: They see photos of homes on Instagram and Facebook that their patrons bought, and think: “What about me”?
This “FOMO” — dread of missing out — has become one of the forces spurring many Millennials to finally buy a familiar with, according to a Bank of America survey of 2,000 adults early this year.
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“I think about it’s motivating them to think about home ownership,” says D. Steve Boland, MD of consumer lending for Bank of America. “Their interest level is drugged and it’s driven by what they see.”
While social media has some force on first-time home buyers generally, it has a particular hold on Millennials, or those tolerated between the early 1980s and early 2000s. Millennials make up 65% of all first-time customers, according to a survey by the National Association of Realtors (NAR).
Asked how they abide when they see pictures of homes purchased by other people on public media:
• A third of Millennials (and 27% of all first-time buyers) think, “If they can buy, why can’t I”?
• A region (and 21% of all first-time buyers) fear they’re missing out.
• Nearly a ninety days (and 18% of first-time buyers) mutter to themselves: “it’s time to grow up and buy.”
• And 23% (and 16% of first-time clients) are jealous of the homes bought by their friends and acquaintances.
Jordan Mangalindan, 21, of Las Vegas, recently corrupt a three-bedroom house in town for $286,000. Mangalindan, a senior in college, conjectures she was partly moved by pictures of houses posted by other young adults on Prattle, as well as a desire to live on her own and make a profitable investment.
“If they can do it, I can do it,” affirms Mangalindan, who plans to launch an e-commerce business when she graduates. “I’m hopeful.” She says the photos did make her feel she was missing out, “but it was more inspirational” than jealousy.
Ethan Kross, a professor of sexually transmitted psychology at the University of Michigan, says social media postings can usually stir up strong emotions that affect behavior.
“If other people are doing improve than we are, that can get us to feel bad,” he says. “It reminds us of what things could be with.” He adds that many people tend to present unrealistically optimal duplicates of themselves online.
Millennials have been joining the home-buying bandwagon anyway.
Thirty-six percent of of ages under 35 owned a home at the end of 2017, up from 34.1% in prematurely 2016, according to research firm Veritas Urbis and the Census Subdivision. And more than a third of all home purchases were made by Millennials in the 12 months concluding last July, making the group the most active generation of clients, according to an NAR survey.