Are Many Millennials Buying Condos?

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Are Many Millennials Buying Condos?

While baby boomers drove the demand for comfortable suburbs, larger homes, and bigger yards farther from the city, millennials are now bucking the trend and increasingly moving from the suburbs and back into downtown cores to be closer to the action. Once there, millennials are more likely to jump into a condo rather than taking on the upkeep of a single-family home. Here’s why millennials are starting to prefer condos for sale in downtown San Diego and other major cities.

Condos Are Near the Action

More than any other generation, millennials want to be close to the action and prefer the excitement a large city offers. Condo life can be the perfect choice, as many condo developments are in downtown cores. By staying close to the action, millennials can also reduce their commutes and even bike to work. Condos make it easy for millennials to choose where they want to live without breaking their budgets, as they’re usually located in prime spots in major cities that would otherwise be too expensive.

Condos Come with In-Demand Amenities

Millennials know how to get the most bang for their buck. Rather than sinking all their money into house payments, many look instead for the best value. Condo developments tend to come with amenities that make life easier and more enjoyable, such as swimming pools, modern gyms, green space, and BBQs. By moving into a condo, you can skip the gym membership and have space to entertain guests and relax without paying for more square footage.

Condos Don’t Have Unnecessary Space

Millennials are less likely than the previous generation to need a lot of square footage. They’re waiting longer to get married, and many delay having children—if they ever decide to—which means the traditional house with three bedrooms and a large yard is often viewed as overkill. Many millennials prefer smaller footprints for their homes to get higher value for their money.

Condos Are a Low-Maintenance Solution

Millennials tend to have a strong grasp on what their time is worth, and many don’t see the appeal of wasting their time maintaining a large home and yard. Many would prefer instead to pay a predictable condo fee and enjoy a low-maintenance home without worrying about upkeep, maintenance, and major repairs. The condo lifestyle makes it easier to maintain a healthy work/life balance for millennials who are already working long hours and managing busy schedules.

Condos Are More Affordable

For millennials, the appeal of condos goes beyond convenience: they don’t want to end up “house poor.” In light of home prices rising faster than wages and the heavy burden of student loan debt, condos offer younger adults a way to own their own homes without the substantial down payments, unaffordable mortgage payments, and upkeep of detached homes. Buying a condo tends to be even more affordable than renting, even with condo fees included, and it gives millennials an avenue for building equity of their own.

No matter what generation you belong to, a condo can be the ideal home for your lifestyle. If you’re looking to buy San Diego real estate, downtown condos should at the top of your list of homes to check out. Reach out to the agents at 92101 Urban Living—the experts on downtown San Diego condos, lofts, and penthouses—to help you find your perfect home. Give us a call today at 619-649-0368.

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