Where are Philly’s Millennials Moving? The Answer Might Surprise You.

Think millennials are irresponsible? Think they’re not making money and buying homes? Think again.  Over the past few years, they have become a formidable force, joining the ranks of homebuyers from older generations. According to the US Census Bureau, millennials were born between 1982 and 2000. Almost half of millennials have now passed their 30^th birthdays and many are beginning to start families. They no longer want to live in hip studio apartments or in trendy urban neighborhoods; they want to buy your suburban home.

As they make choices about where they’ll live, more millennials are choosing addresses outside of the city. Instead of making homes in smaller Philadelphia rentals, they’re learning that buying in the suburbs is a better option. If you own a home in the Philly suburbs, what do you need to know about this new force of suburban buyers? Keep reading to learn more.

Why are Millennials Moving to the Suburbs?

Millennials are learning the lesson that other generations learned before them, that there are ample benefits to putting down roots in great suburbs. As they start their families, they’re learning that the suburbs come with larger homes for the price, unique amenities, and highly ranked schools. For instance, the Tredyffrin/Easttown School District was recently named the #1 district in the state of Pennsylvania. The perks of suburban life are not lost on millennials. Areas like nearby Chester County are working hard to ensure Millennials are attracted to the local offerings by investing in their green spaces and urban areas.

According to a census report, more millennials are moving out of cities than are moving in.

 In urban areas, rent prices keep rising at upsetting rates. The benefits of buying a home far outweigh the benefits of sticking around and renting in the city. In 2016, millennials made up 42% of homebuyers. As millennials are seeing greater work and financial success, they’re able to set aside money for sizeable down payments.

Within a decade, millennials have gone from college, to career, to families, and are now seeking home ownership. Their greatest obstacle in the current market is no longer financial ability, but a lack of homes for sale. They simply need to find available homes in thriving suburban areas.

What is There for Millennials to Love About Philly’s Suburbs?

Aside from award-winning school districts, millennials are finding the suburbs are extremely appealing. Niche.com has ranked West Conshohocken, Conshohocken, Ardmore, Chesterbrook, and King of Prussia as the top 5 local suburbs for millennials. These communities were ranked based on availability of great restaurants, schools, diversity, safety, and nightlife. Communities such as Ambler, Media, Narberth, Plymouth Meeting and Audubon also appeared on the list because of the exciting amenities they offer young families.

Time Magazine profiled the Philadelphia suburbs as one of the fastest growing destinations for millennials. Philadelphia is one of the top 25 cities seeing a marked decrease in millennials living in the city. The tide is shifting and this generation wants out of the city and into these amazing suburbs to realize their dreams of becoming homeowners.

How Can You Benefit from this Millennial Home Buying Spree?

While Millennials are in Montgomery, Chester, Delaware and Bucks Counties searching for homes, they are hitting a wall: low supply. The current 4.2 month supply of homes is well below the ideal of a 6 month supply needed to have enough homes available for buyers. As a home owner, this is great news for you! List your home and the millennial hoard will flock to your door with a bidding war in tow, right?

Almost. But it’s not quite that easy.

Millennials aren’t approaching home ownership like previous generations. Where a baby boomer or Gen X’er would have been willing to undergo an involved home renovation, millennials aren’t. Not because they’re lazy, but because they aren’t buying homes with the same permanence as other generations. Most of this group view a home purchase as a stepping stone. They assume they’ll be moving to a different home in a couple of years. Settling in for a multi-year renovation project isn’t on their agenda. They want homes that fit their wish list, not something they’ll need to renovate.

Millennials want to be able to envision themselves in a home. This is why updates and staging are non-negotiable. Update fixtures in bathrooms, appliances in kitchens, and neutralize décor to make your house a blank slate to buyers. Millennials want to walk into a listing and imagine a scene of themselves alongside children and pets. That’s impossible without a bit of prep work from sellers.

Previous generations viewed homes through a lens of financial ramifications. They wanted to know resale value, threw around words like “investment,” and took on long-term equity building projects. Millennials focus on experiential reasons for buying. They want a home they can live in and love from the start. This group wants to know that there are local amenities, such as restaurants, shops, and gyms to make their purchase worthwhile.

By keeping the makeup of Philadelphia area millennials in mind when listing your home, you can put yourself on the side of successful sellers courting multiple offers. With the help of our team of expert agents, you’ll have an even greater edge to appeal to the younger generation of buyers looking in your neighborhood. We’ve got a finger on the pulse of this new market, so that our agents can give you an added edge.

Millennial buyers might have a different makeup than buyers a few years back, but they’re a dynamic group who are ready and excited to purchase their suburban dream homes. All that they need are great houses like yours from great sellers like you. The Silva Group wants to make selling your suburban home a reality. Call us today and see just how we can help you.