They’re landing better jobs and higher salaries. They’re getting married and having kids. And they’re tired of living in their parents’ basements.
Now, here’s another reason Millennials are itching to buy a house: They see photos of homes on Instagram and Facebook that their friends bought, and think: “What about me”?
This “FOMO” — fear of missing out — has become one of the forces spurring many Millennials to finally buy a home, according to a Bank of America survey of 2,000 adults early this year.
“I think it’s motivating them to think about home ownership,” says D. Steve Boland, head of consumer lending for Bank of America. “Their interest level is high, and it’s driven by what they see.”
While social media has some influence on first-time home buyers generally, it has a particular hold on Millennials, or those born between the early 1980s and early 2000s. Millennials make up 65% of all first-time buyers, according to a survey by the National Association of Realtors (NAR).
Asked how they feel when they see pictures of homes purchased by other people on social media:
• A third of Millennials (and 27% of all first-time buyers) think, “If they can buy, why can’t I”?
• A quarter (and 21% of all first-time buyers) fear they’re missing out.
• Nearly a quarter (and 18% of first-time buyers) mutter to themselves, “It’s time to grow up and buy.”