Social Media’s Secret Influence on Millennial Homebuyers

Would you buy a house if your Facebook friends did? One study investigates.

Social Media’s Secret Influence on Millennial Homebuyers

Facebook has a lot more influence over Millennials’ lives than they might realize. Other than seeing which of your friends seem to always be traveling the world and which are getting engaged and which seem to share just a little too much, a new study shows that Millennials whose Facebook friends post positively about buying a home are more actually likely to buy homes themselves.

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According to the National Bureau of Economic Research, Facebook users whose friends have had a good homeownership experience are more likely to make the plunge and purchase their own residence.

In fact, Millennials‘ whose online networks posted about their home values going up more than 5% over the past two years were 3.1% more likely to close on their own personal places over the next two years, according to the study.

The same group was also 1.7% more likely to buy a bigger home and 3.1% more inclined to pay more for it. They also were willing to make a 7% larger down payment.

“Social media amplifies the positive and negative impact of homeownership,” said Jason Dorsey in an interview with Realtor.com. He explains that, for Millennials, buying a home “seems more achievable because you know someone who’s actually gone through the process. It makes it more within reach.”

Have you seen something posted on social media that made you change your mind about owning your own home? Join the conversation on Twitter with @WhatTheGen or @JasonDorsey. And don’t forget to include your #generation!

Generations Millennials / Gen Y Research Findings Technology

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