Zillow is launching a new site just for millennials looking for their first home

pulse

May 2, 2017 11:32 AM

Buying a home is difficult the first time around. RealEstate.com helps buyers calculate their real monthly costs.

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Contrary to what many have believed to be true about millennials, those between the ages of 18 and 34 are indeed choosing to buy homes.

According to Zillow Group's Consumer Trend Report, which was based off of a survey of a group of 13,000 homeowners, sellers, buyers, and renters, millennials make up 42% of all buyers today. Additionally, more than half of first-time buyers — 56% — are millennials.

These young new buyers have concerns that are distinct from those of generations before them. They're entering a market with record-low inventory and high price appreciation, and many millennials don't end up getting the first home they make an offer on.

Keeping all of those findings in mind, Zillow Group is launching a new site that's geared towards the first-time homebuyer, called RealEstate.com.

"[First-time homebuyers] Jeremy Wacksman, CMO of Zillow Group, told Business Insider. "Budget is the primary way of navigating the site."

Millennials are also different from past generations in that they see home purchases as reflections of who they are as people. In order to achieve their ideal living situation, many are skipping the "starter home" and waiting longer to buy and move into their "forever home."

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