Covid Savings and Millennial Home Purchases

It is hard to think of an upside to the Covid Pandemic. For Millennials who remained employed, though, it was a good opportunity to save up for a down payment on their first homes. Without the opportunity to spend money on more frivolous things, like dining out, new clothes, salon treatments, and more, about one third of all first-time Millennial home buyers were able to save up for their biggest-ever purchase, a new home!

Being comfortable at home became hugely important during the Pandemic lockdown, as did outdoor space – remember when we were not inviting anyone inside? According to South Florida Agent Magazine, “first-time homebuyers…noted the importance of having outdoor space – 19% said it was the most important feature of the house.” Being comfortable inside is also imperative as “18% mentioned the importance of having plenty of space, and 17% wanted privacy within their home.” Fortunately for those who responded, many have saved enough to purchase that perfect property. Hopefully we will never have a repeat of 2020, but at least it allowed many Millennial first-time homebuyers the ability to save and to know what they wanted in their first home purchase.