Chanelle Bell is looking for a single-family home in the Beverly neighborhood after spending seven years in Hyde Park.
The native Californian said she’s looking to start a family within the next year, but she’s realized buying in her area is not feasible.
“That’s been really hard for me to really reconcile because I’ve never known living in Chicago, outside of this neighborhood, but I’m out-priced,” she said.
Bell, 28, is one of many millennials making moves toward homeownership earlier than planned due to the pandemic. And she’s not alone. According to a recent survey by St. Louis-based Clever Real Estate, an online platform that refers homebuyers and sellers to agents who charge less commission, 30% of millennials say COVID-10 pushed them to begin house hunting earlier than originally planned.
The survey of 1,000 people on Jan.15 also revealed:
71% of millennials would be willing to buy a fixer-upper, and nearly 80% could be persuaded to buy a home sight unseen.
40% cited low interest rates as the reason they’re house hunting. In December 2020, Freddie Mac announced 30-year fixed-rate mortgages averaged 2.66%.
Millennials are looking for more space in their homes, around an average of 2,400 square feet, compared with 1,700 square last year.
77% of millennials surveyed have student debt, but since the pandemic reduced socializing, millennials have more savings — more than $10,000, on average.
52% of millennials are stressed and anxious about homeownership.