Where Millennials Choose to Live and Why Credit Unions Matter

At TEG Federal Credit Union, we know that the path to homeownership looks different for everyone, especially for millennials. Millennial homeownership trends are evolving, and new research from the Banktastic National Millennial Advisory Board sheds light on what really matters to this generation when choosing where to live, whether renting or buying, and how financial institutions can better support their goals.

Here’s what we learned, and how we’re here to help.

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🏠 Homeownership Dreams, Real-Life Challenges

Millennials still believe in the dream of homeownership, seeing it as a foundation for financial stability and long-term investment. But high home prices, limited inventory, and lingering student debt make it a tough journey.

At TEG, we believe that homeownership shouldn’t be out of reach. That’s why we’re constantly working on ways to support you at every step of your journey; whether you’re buying your first home, savings for a down payment, or just exploring your options.

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📍 Why Millennials Choose Where to Live

Whether renting or owning, millennials are thoughtful about their location. Here’s what they value the most:

• Affordability of housing
• Proximity to work, school, or family
• Quality of life
• Low crime rates
• Access to public transportation and good schools

Community and convenience matter more than nightlife or trendiness. In fact, fewer than 4% of respondents cited entertainment or cultural alignment as top priorities.

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🧳 To Stay or To Go?

Millennials are divided on whether they want to put down roots or relocate:

• 53% of homeowners want to stay where they are.
• 39% of renters want to stay put, while others are eyeing moves for affordability or better job options.

If you’re thinking about moving, whether across town or across the country, we’re ready to help you finance your next chapter.

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🧰 Move-In Ready vs. Fixer Upper?

Most millennials prefer move-in ready homes, especially due to busy schedules or lack of renovation experience. Still, nearly 1 in 5 homeowners and over 1 in 3 non-owners say they’re open to fixer-uppers; usually for affordability to personalize a space.

💬 “Turnkey just sounds easier. We’re handy, but we’re busy!”
💬 “I’d rather buy a fixer-upper and make it mine.”

🔨 Thinking of tackling a fixer-upper? TEG offers home improvement loan options and local guidance to help you make smart renovation choices.

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👪 Sharing Spaces: Family, Friends & Co-Buying

While most homeowners live with a spouse or partner, rental arrangements are more diverse, including those living with parents, grandparents, or roommates. For some, it’s about saving money; for others, it’s part of caregiving.

Notably, 43% of non-owners are open to co-buying with someone other than a spouse, often to split costs or make an investment.

💬 “We’ve considered co-buying with friends because buying on our own isn’t feasible.”

🤝 TEG can help you understand co-ownership options and provide tools to make shared buying less risky.

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💡 How TEG Supports Millennial Homebuyers

We know your goals, and your challenges are unique. That’s why we offer a variety of services and solutions designed with you in mind:

1. Flexible Mortgage Options
   Lower down payments, competitive rates, and programs for first-time buyers.
2. Support for Co-Buyers
   We’ll help you navigate shared mortgages, co-ownership agreements, and legal considerations.
3. Fixer-Upper Financing
   We offer renovation loans and can connect you with trusted local professionals.
4. Resources for Renters
   Whether you’re saving for a down payment or building your credit, we have tools to get you started.
5. Community-Focused Service
   You’re not just another loan to us, you’re a neighbor. That’s why we build relationships, not just accounts.

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Ready to take the next step?

Wherever you are in your housing journey, renting, buying, moving, or staying, TEG is here to support you with the financial tools, advice, and local expertise you need.

👉 Explore our home loan options
👉 Talk to a mortgage officer

Let’s build your future, together!

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