Millennials are more likely to make their first home their ‘forever home’ when compared with the previous generation of first-time buyers.
According to a survey carried out by Space Station, which provides self-storage facilities, first-time buyers today are 1.5 times more likely to remain in their first home when compared with buyers who bought property for the first time 20 or 30 years ago.
The survey, which looked at 1,000 people preparing to buy their first home now and 1,000 who bought their home between 1988 – 1998, of those buying now, 36% said they plan to stay put in the long-term compared to 26% of those who bought a property between 1988-98.
The survey also revealed how much harder it is for first-time buyers looking to buy their first home today when compared with the previous generation of first-time buyers.
According to the survey, millennials today are finding it harder to scrape together the funds for a deposit, and given the cost of moving, once installed in their first home, are less likely to consider moving into a second home.
The funds necessary for moving up the ladder today are such that 43% of property owners now plan to stay put and improve what they already own instead of moving to a new property.
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