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Millennials are Buying Their First Homes, and Here’s What They Want

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Millennials are Buying Their First Homes, and Here's What They Want

Millennials are Buying Their First Homes, and Here’s What They Want

Authorities disagree on the exact birth years of the Millennial generation: for example, Pew Research defines Millennials as being born between 1981-1997, the US Census Bureau claims 1982-2000, and the National Association of Realtors says 1980-1995.

However, what all these same sources agree upon is that the Millennials are the largest and most powerful demographic force in North America.

In the United States specifically, Millennials account for a quarter of the entire population with a total of 83.1 million people in the demographic. This is a group that makes up the next generation of investors, continues to struggle with mounting student debt, thinks about money differently, and is now buying homes for the first time.

Marketers in all industries have tried to nail down the preferences of Millennials for some time. Millennials have made things especially more difficult for the real estate industry, as they have delayed common life milestones such as marriage, having children, and home ownership. It is only over the last few years, as Millennials have started to buy homes in significant numbers, that the industry has truly understood what the group wants to see in a home.

Millennial home buyers make up 68% of all first-time home buyers right now, and here’s their average profile: 29 years old, a median income of $76,900, and a typical home purchase (median) of $189,900 for a 1,720 sq. ft home. Of these buyers, 84% believe a home to be a good investment.

Where do Millennials want to buy? About half of the cohort (49%) wants to buy in the suburbs, while 21% would prefer to buy in an urban area. In terms of choosing a specific neighborhood, the most-cited factors affecting Millennials’ decisions were the quality of neighborhood (75%), convenience of getting to job (74%), affordability of home (58%), proximity to friends and family (49%), and quality of the school district (44%).

Today, 32% of all home purchases are made by Millennials, but the reality is that many are still holding off on buying. The major reason for that is student debt, which 54% cited as the biggest obstacle to home ownership. In fact, about one-quarter of all Millennials still live with their parents.

Other reasons cited for not owning a home yet? They include: excessive debt, rising rents, slowing wage growth, tight-lending environment, can’t find home in desired price range, increased college enrollment, and delayed marriage/children.

Original graphic by: UpNest

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Ranked: The Top Languages Spoken in the World

Here are the top languages spoken in the world by number of speakers in 2023.

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top languages spoken in the world

Ranked: The Top Languages Spoken in the World

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The top languages spoken in the world reflect economic trends, populated countries, and even colonial history.

Here are the most spoken languages around the world as of 2023. These figures come from Ethnologue, which publishes a list of the largest languages every year.

The 12 Most Spoken Languages on Earth

English was born in the United Kingdom but today belongs to the modern world as the main international language of business and politics.

That’s why it’s not very surprising to find English as the world’s most spoken language, with 1.5 billion speakers as of 2023.

RankLanguage# of Speakers (2023)
1English1,500,000,000
2Mandarin1,100,000,000
3Hindi609,500,000
4Spanish559,100,000
5French309,800,000
6Standard Arabic274,000,000
7Bengali272,800,000
8Portuguese263,600,000
9Russian255,000,000
10Urdu231,700,000
11Indonesian199,100,000
12German133,200,000

In second place is Mandarin, the most spoken Chinese language dialect with 1.1 billion speakers. Originating in North China, it has become the most spoken language in China and Taiwan, as well as having millions of speakers spread across Southeast Asia and the world.

India is also represented in this ranking, but despite being the world’s most populated country, its speakers are spread out over multiple different languages. Hindi is the main language spoken in North India and an official language of the government, but other languages like Bengali are widely spoken in other regions, in this case in East India (and neighboring Bangladesh).

It’s also notable how languages from former colonial powers—like English, Spanish, French, and Portuguese—all have hundreds of millions of speakers, despite their mother countries accounting for a fraction of that total.

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