Zillow launched a new first-time homebuyer website at RealEstate.com today, geared toward Millennials. On the site, buyers can search for homes by the monthly payment and down payment they can afford.

Homebuyers say finding a home within their budget is their top concern, even more so than finding a home in a safe neighborhood, according to the 2016 Zillow Group Consumer Housing Trends Report. However, first-time buyers are nearly twice as likely to exceed their budget as repeat buyers.

Nearly half of all homebuyers (42 percent) are first-time buyers, and the majority of first-time buyers (56 percent) are Millennials, according to Zillow. In addition to playing an increasingly larger role in the housing market, the Millennial generation is more diverse than older generations.

To help buyers understand the additional costs associated with homeownership, RealEstate.com calculates an “All-In Monthly Price” for every home and breaks out estimated expenses that might roll up into a monthly payment, including principal and interest, property taxes, homeowner’s insurance, HOA fees and utilities and closing costs.

In addition, home shoppers will be able to search for and see information about homes in English, Spanish or Chinese.

“RealEstate.com is designed to equip the next generation of home buyers to find a home that suits their needs and budget,” Jeremy Wacksman, CMO at Zillow Group, said in a statement. “We know from our research that affordability is a huge driver for home buyers, and that first-time buyers are more likely to go over budget. By tailoring the home search experience on RealEstate.com around a home’s monthly cost, we hope to make the homebuying experience less daunting and even more transparent for first-time buyers.”

For real estate professionals, RealEstate.com offers another way to connect with first-time homebuyers and Millennials. Buyers will be able to connect with real estate agents directly from the listing details page on the site. Listings come directly from multiple listing services, real estate brokerages and franchisors; agents will receive the same listing treatment they currently have on Zillow and Trulia.

RealEstate.com is available on desktop and mobile web.

RealEstate.com will join Zillow Group’s other consumer brands including Zillow, Trulia, StreetEasy, HotPads and Naked Apartments. Zillow Group acquired the URL RealEstate.com as part of the Trulia acquisition in 2015.

Zillow Launches Site Aimed At Millennials

by Banker & Tradesman time to read: 2 min
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