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Daily Real Estate News  |  March 30, 2011  |   Millennials: 'The New Lifeblood' for the Industry
More of the millennial generation is approaching the home buying age, but they aren’t like buyers before, according to a recent study by Wells Fargo.

Millennials--those born between 1979 and 1991--are more diverse, technology-driven, and tend to trust their instincts more so than previous generations.

Despite media reports of a sour real estate market, Millennials still are optimistic with their views about home ownership, according to Wells Fargo, which surveyed more than 3,000 Americans to discover their attitudes about home ownership. In the survey, Wells Fargo found that millennials even responded favorably to more rigorous credit requirements, saying they found them beneficial to their goal of remaining in a home once they buy.

The millennial generation consist of about 51.5 million potential first-time home buyers, the Wells Fargo study says--which is 6 million more than the baby boomers who reached home buying age in 1977.

Brad Blackwell, executive vice president at Wells Fargo, says the wave of Millennials will be the new lifeblood for the industry.

"We're going to have to figure out how to reach them," Blackwell says.

Source: “Wells Fargo Study Finds New Kind of Homebuyer on the Way: Millennials,” (March 25, 2011)

Read more:
5 Ways to Recruit and Retain Gen X, Gen Y

Homes Get Smaller, More Energy Efficient

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