Move over Baby Boomers. The Millennials are now the dominate force in the U.S. housing market. The core group of Millennials is now reaching the 18 to 34 year age range. Not only are the Millennials the dominate force in the market, they are now the largest living generation in the country, counting 75.4 million according to the U.S. Census Bureau. Realtors, investors, and developers need to be paying close attention to this sea-change.
Sometimes labeled as “Generation X”, Millennials are now at an age when they are most likely to need a place to either lease or purchase. Many of them (or at least those who can afford to do so) are beginning to buy their first homes and invest in real estate for the first time.
Millennials now make up 32% of all homebuyers nationally. Here are some facts about Millennials that will help you target them as clients/buyers:
When you look at the research on Generation X, they’re not making decisions about where they’re going to live in four years. They’re making decisions about where they’re going to live for the next 12 months.
One developer in Olympia, Washington has taken the Generation X desire for urban living with easy access to amenities to heart. After an office supply building was heavily damaged by fire in 2004, the city purchased the 0.17 acre property for $300,000 with the intention of redeveloping the inner-city blight into a revitalized residential community. After reviewing bids, the city selected Big Rock Capital Partners to build a $3.5 million project at the site.
Big Rock Capital Partners is targeting Millennials by offering a collaborative workspace on the ground floor for entrepreneurs and young business professionals, while building small market-rate housing on the top two floors.
The Griswold’s building is among several properties in the city’s Community Renewal Area, where the city has expanded power to renovate by entering into deals with private developers.
When it comes to this generation, you're not looking for customers for your products, you're looking for products for your customers. Among the amenities preferred are:
The Millennial Generation will be the driving force in the market for many years to come. Getting onboard early is a wise career move to make.
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