Millennials are the real estate market’s top homebuyers. They earned the designation back in 2015, bumping baby boomers out of the top spot. In order to take advantage, this generation of buyers sellers and real estate agents have to consider a few realities of this population.

Great Economy, But Debt

Many Millenials are ready to buy. The economy is getting better and they are experiencing a strange thing known as job security. Such upside data has equated to median incomes into the 80K region and a desire to own homes. In fact, a recent REALTOR report said members of this generation represented about 34 percent of homebuyers.

At the same time, this generation is squeezed a bit when it comes to how much money they can spend. Probably the biggest financial obligation is college debt, which saddles the typical Millennial with roughly $33,000 in debt. Such realities mean this generation has weaker credit scores and less money on hand to afford first homes that may require less repair.

This generation as a result sees their first property as a starter home and are more likely to re-enter the housing market. On average, this generation starts looking for new home after six years as compared to other homebuyers that stay in their home for 10 years. Also, the debt burden means Millennials are more likely to purchase a fixer upper.

Millennials Will Be Millennials

Despite the financial burdens, studies say Millennials are looking for homes that require a lot of effort. Time is of the essence for this generation, particularly since much of their time is spent at work. They also use technology more often for finding their next home, from reviews of agents to exploring a potential home’s specifications. However, there is still a heavy reliance on real estate agents. Millennials use a real estate agent more often than any other generation when buying a home.

And here are a few other data points Millennials when it comes to real estate:

– They like green homes. A whopping 47 percent of Millennials said they want a home with solar panels.

– Open floor plans are the way to go. Before, a home with more rooms was what people wanted in a home. Now entertainment is the focus and that requires space.