Social Media Photos Inspire Millennials to Become Homeowners
Millennials are finally landing better jobs with higher salaries. They are starting to get married and have kids. They are also getting tired of living with their parents.
But here is another reason millennials are anxious to buy homes: They see the homes their friends purchased on Facebook and Instagram and think: “What about my home?”
The fear of missing out has led many millennials to purchase a home, according to a survey of 2,000 adults conducted by Bank of America this year.
While social media may influence some people in all age groups of first-time homebuyers, it has particular influence on millennials. Millennials account for 65 percent of all first-time homebuyers, according to a National Association of Realtors (NAR) survey.
Roughly 21 percent of first-time buyers believe they are missing out. An additional 23 percent said they were jealous of the homes their friends and acquaintances purchased.
One-third of millennials saw their friends purchase a home and thought “If they can buy, why can’t I?”
“If other people are doing better than we are, that can get us to feel bad,” says Ethan Kross, a professor of social psychology at the University of Michigan, in an attempt to explain how social media postings affect users’ behaviors.
According to research from Veritas Urbis and the Census Bureau, thirty-six percent of adults under 35 owned a home by the end of 2017, marking an increase from 34.1 percent in early 2016.
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