Friday, 29 August 2014 17:45

Millennials Hunt for Homes for Sale in Rochester IL

With some homes listed for less than $100,000, Rochester, Illinois is an affordable place for the youngest generation of homebuyers called the Millennials. As young home buyers hunt for homes for sale in Rochester IL, it may become more of a seller’s market. According to a recent article by the Illinois Association of Realtors, Millennials view a home purchase as a good investment. A National Association of Realtors report on generational trends showed the median income for a Millennial is $66,200. The average budget for a Millennial home buyer in their 20s and early 30s is about $165,000. The average size of homes they buy is about 1,700-square foot.

Bargain under $100,000

In the below $100,000 range, it’s possible to find homes for sale in Rochester IL such as 3-bedroom ranches with eat-in kitchen area and outdoor areas such as patios and decks. Homes in the lower price category may have smaller square footage around 1,000-square feet, but many older homes have been upgraded with high-efficiency furnaces, added insulation and new windows.

Move-in ready in the low to mid-100s

Many turn-key homes for sale in Rochester IL are move-in ready. At this price range, it’s more likely to find homes with about $1,500 or more square footage. Many homes have updated countertops, appliances and new roofs. An experienced Realtor can make sure the home you are buying has been inspected and repairs made.

Luxury homes in the high-100s and 200s

Some Millennial couples can qualify for mortgages for homes that are a cut above the typical starter homes for sale in Rochester IL. A higher budget can get you country living with charming features such as a backyard gazebo, sunroom or wrap-around deck. More expensive homes may come with energy-efficient geothermal heating and cooling systems as well as interior upgrades. In the $200,000 price range, look for homes with modern appliances, granite, custom cabinets, hardwood floors and spa bathrooms. Homes that cost above $200,0000 often have more than 2,000-square-feet of living space and finished basements.

At Jim Fulgenzi & Co., we help Millennials find their starter home or dream home at any price range. We help clients in Rochester, Chatham, Springfield and Central Illinois. For more information, please contact us.

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