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Millenials Changing B-N "First Home" Market


Millenials are changing the definition of "starter homes" in the Twin Cities. That's according to Bloomington-Normal Association of Realtors President Ed Neaves. 

Neaves said the traditional "first home" market sits at around $90,000 to $130,000. He said a large percentage of millenials are spending between $100,000 to $280,000 on their first home. 

"They demand and want amenities that require that type of investment to get solid surface counter tops, granite, courts, three car garages," said Neaves.

Neaves said millenials are waiting longer than usual to purchase their first homes. He said the combination of lower entry level jobs, student loan debt, and not having money saved for down payments can cause this delay. 

Neaves also said unlike earlier generations, some millenials wait to have families before buying their house.

"When they are starting to start a family there is a necessity to have three or four bedrooms. But when that three or four bedroom property is purchased, it's also purchased with more amenities."

Mike joined GLT's staff as a student reporter in February of 2016 having worked previously as a reporter at Illinois State University's student radio station, 103.3 WZND. He acted as a director for the WZND newsroom for two years. Mike was also seen as a reporter, producer, and anchor at TV-10 News. He graduated with a bachelor's degree in broadcast journalism in May of 2017 before starting his post-graduate career with the Public Affairs Reporting Masters Program at University of Illinois Springfield.
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