Do You Believe Homeownership Is Out of Reach? Maybe It Doesn’t Have To Be.

It turns out, millennials aren’t the renter generation after all. The 2022 Consumer Insights Report from Mynd says there’s a portion of millennial and Gen Z buyers who are pursuing homeownership as a way to build their wealth, but it may not be exactly the way previous generations have done it. The study explains how they’re breaking into the market:

“. . . younger generations of Americans are not buying into that dream in the same way that older generations have. A growing number of Americans are choosing to make their first real estate purchase as an investment property.”

Instead of buying a home and moving into it themselves, some young buyers are purchasing a home so they can use it as a rental. This tactic may be gaining popularity, at least in part, because of the affordability challenges brought about by today’s higher mortgage rates. The report above mentions how many people in this group are considering this approach. It says:

“Almost half of Millennials and Gen Z (43%) are considering buying an investment property compared to only 9% of Baby Boomers and 27% of Gen X.”

Why Younger Buyers Are Buying a Home To Use as a Rental

This strategy allows buyers to continue living in their current location, like the bustle of a city apartment or a neighborhood that they know and love, where they couldn’t afford to buy. But instead of giving up on the idea of owning a home, they buy a home in a more affordable area with the intention of renting it out.

In a way, they’re getting the best of both worlds. They live where they want, and they still own a home where they can afford it.

Their goal is to generate passive income and diversify their assets. It works like this: in addition to having a rental stream of income, the equity they build in their house will also help grow their net worth over time.

Bottom Line

If you’re thinking about buying a home as an investment strategy to build your wealth, let’s connect to explore your options and nearby areas that may have homes that fit what you’re looking for.

302 Properties
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$2,650,000
Neighborhood: Elmwood Beach
6
Beds
5
Baths
6,325
Sq.Ft.
2020
Year Built
7
Days on Site
22049533
MLS
Relax and enjoy Life in this custom 6 bedroom/5 bath lakefront home. Located on a cul-de-sac peninsula on Gun Lakes iconic Elmwood Beach Road with 150' of private lake frontage to call your own....
$1,200,000
Neighborhood: Georgetown Shores
5
Beds
3F11/2
Baths
4,676
Sq.Ft.
2013
Year Built
6
Days on Site
22049707
MLS
An absolute classic! This beauty sits with a long lake view of popular Georgetown Shores Lake. Enjoy all sports boating in the summer and hockey and skating in the winter! Gorgeous detail abounds...
3
Beds
2F11/2
Baths
2,672
Sq.Ft.
1963
Year Built
8
Days on Site
22049463
MLS
A rare opportunity: over 5 1/2 acres in the heart of Forest Hills. These three parcels tucked away at the end of a quiet street feature a solidly built, well-maintained brick ranch home, a stable, 3...
$829,900
Neighborhood: Georgetown Shores
5
Beds
3F11/2
Baths
4,106
Sq.Ft.
2014
Year Built
7
Days on Site
22049568
MLS
Opportunity to own a Georgetown Shores home on the west all-sports lake in excellent condition with many upgrades. This home has 102 ft of water frontage, a dock and extra garage in back to hold...
5
Beds
3F11/2
Baths
3,916
Sq.Ft.
1991
Year Built
7
Days on Site
22049587
MLS
The wait is over! This spacious home on 9 acres truly has it all, while completely move in ready! Walk in and experience your cathedral ceilings which boast an abundance of natural light! Throughout...
5
Beds
3F11/2
Baths
4,146
Sq.Ft.
2023
Year Built
6
Days on Site
22049779
MLS
With estimated completion by Feb/Mar, move right into this beautiful brand new Mckinley model by Bosgraaf Homes. No details spared! You'll be wowed by the bright 2-story great room with towering...
$750,000
Neighborhood: Macatawa Legends
6
Beds
3F11/2
Baths
4,034
Sq.Ft.
2017
Year Built
4
Days on Site
22049864
MLS
Welcome to this gorgeous southern style home in Macatawa Legends. A unique find located across from the 11th tee box, this home boasts beautiful bright spaces, a warm living room with dual sided...
$699,900
Neighborhood: Planters Ridge
4
Beds
2F11/2
Baths
2,288
Sq.Ft.
2022
Year Built
7
Days on Site
22049606
MLS
This lovely 2 story home is another beautiful Buffum home. 4 bedrooms, 2.5 bath, 3-stall garage. Open concept floor plan, kitchen wrapped in gorgeous cabinetry, quartz counter tops, hood vent, large...
$699,900
Neighborhood: Planters Ridge No. 3
4
Beds
2F11/2
Baths
2,464
Sq.Ft.
2022
Year Built
7
Days on Site
22049612
MLS
This lovely 2 story home is another beautiful Buffum home. A 4 bedroom 2.5 bath, 3-stall garage. Open concept floor plan, kitchen wrapped in gorgeous cabinetry, quartz counter tops, hood vent, large...
$699,900
Neighborhood: Wildwood Springs
3
Beds
2F11/2
Baths
3,574
Sq.Ft.
2006
Year Built
6
Days on Site
22049785
MLS
Welcome to 17858 Lost Pond Lane! This beautiful home is situated on a wooded cul-de-sac .64 acre lot and features 3,574 sq. ft. with an open floor plan, freshly painted and new carpet, a beautiful...
6
Beds
4
Baths
5,511
Sq.Ft.
2002
Year Built
7
Days on Site
22049553
MLS
Your own private sanctuary nestled on 12+ acres- including a 24x30 Pole Barn/Stable with 3 horse stalls & fenced corral! The interior boasts an open concept chef's kitchen w/stainless steel...
4
Beds
3F11/2
Baths
2,384
Sq.Ft.
2023
Year Built
7
Days on Site
22049586
MLS
Proposed build by Indie Homes. This lot offers over an acre of land and is situated at the end of a cul de sac with beautiful wooded views. Enjoy a quiet and secluded feel while also being just...

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