Zillow launches real estate website for millennials

Being a first-time homebuyer can be intimidating, especially if you're a millennial. 

But a new Zillow website, RealEstate.com, is aiming to help millennials find homes they can afford.

Last year, homeownership rate in the U.S. fell to the lowest since 1965 at 62.9 percent, according to a Bloomberg article.

The homeownership rate for millennials the same year was 34.1 percent according to both Bloomberg and the Washington Post.

One of the major reasons millennials aren't buying homes is simply because they can't afford it.

The 2016 Zillow Group Consumer Housing Trends Report found, homebuyers put affordability over a safe neighborhood when looking for a place to settle down. Nearly half of all homebuyers are first-time buyers and about 56 percent of first-time buyers are millennials, according to Zillow.

In other words, even though homeownership for millennials is low, they still make up a vast number first-time buyers in the market.

Most first-time homebuyers are trying to stay within a budget but are nearly twice as likely to exceed their budget than repeat buyers, according to Zillow.

This is because many factors that go into paying off a house such as property taxes, HOA fees, principal and interest, homeowner's insurance and closing costs are overlooked by first-time homebuyers when out shopping. 

RealEstate.com helps home-seekers see an "all-in monthly price" for every for-sale listing. The estimated price is meant to help first-time homebuyers figure out how much it would cost a month to own a house after all the extra details are factored in.

The website allows users to enter in a monthly budget and down payment and does the rest of the work.

“RealEstate.com is designed to equip the next generation of home buyers to find a home that suits their needs and budget,” said Jeremy Wacksman, CMO at Zillow Group in a press statement. 

The idea behind the website is to make the homebuying experience transparent and easier, Wacksman said.

Millennials are notorious for using tech-based resources and RealEstate.com gives the younger generation the tools they need to make the right decisions when purchasing a home.

The new site also offers real estate professionals a chance to connect with with millennials and first-time homebuyers, according to Zillow.

The website can be translated to Chinese or Spanish.

© 2017 KXTV-TV


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