Are Millennials Mainstream?
Maybe it’s time we stop picturing millennials as skinny jean wearing, mustache toting hipsters…. Okay maybe they do wear skinny jeans and keep a pretty good looking stache but according to a study done by the National Association of Realtors, in 2017 millennials were the largest group of homebuyers for the 4th consecutive year. And they aren’t just buying up the hip downtown lofts or the bungalows in the center of the city—nope, they are moving out to the suburbs!
It turns out that these millennials might not be so different after all! Researchers point to the fact that this generation is waiting to “grow up”. Many were worried that they would opt never to settle down, buy a home, buy a family vehicle, have children but it is looking like as the generation ages they are in fact doing these things, just at a later point in life. For example, historically couples were having children in their twenties but now, more are waiting to have them until their thirties.
But what does this mean for the housing industry? Well, all those who worried that this generation would rather rent than buy—worry no more! However, unlike generations in the past they are skipping over the typical starter home and buying larger homes, which were thought of as “moving up homes” right off the bat. Want to know how to sell to a millennial? Well one way is by making your home more pet friendly, see yesterday’s blog post for more information on that!
As much as I’d love to say, I directly had access to these stats and the latest industry news, I didn’t. Please find our source here:http://www.npr.org/2017/09/15/551232392/as-millennials-get-older-many-are-buying-suvs-to-drive-to-their-suburban-homes