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Source: Home Buyers and Sellers Generational Trends (National Association of REALTORS®, 2021)
Characteristics of the Millennial Generation
The Myth of Generations, Debunked (Popular Science, Oct. 5, 2021)
Still, rigorous research on generations exists and can be useful. Thinking about them helps investigators determine how societies change. “We have to understand that there is diversity within generations, but there are some generational factors that are relatively consistent,” says Corey Seemiller, a professor of leadership studies at Wright State University who specializes in Gen Z.
Generation Gap (Investopedia, Aug. 30, 2021)
Born between 1981 and 1996, millennials have always known cable TV, pagers, answering machines, laptop computers, and video games. Technological advancements in real-time media and communication have driven their expectation for immediacy. They are the generation that bridges the gap of growing up in a world before and after the Internet.
What are the Core Characteristics of Generation Z? (The Annie E. Casey Foundation, Jan. 12, 2021)
While Millennials came of age during an economic boom, Gen Z-ers were shaped by the economic pressures their families and communities faced, from the financial stress of the rental market to the added costs to kids and caregivers staying in touch with incarcerated parents. Thus, they value the stability that comes with conservative spending, stable jobs and smart investments.
Younger Buyers and Home Ownership
The City of Boston is Exploring New Initiatives to Help Millennial Home Buyers (Real Estate, Boston.com, Nov. 10, 2021)
The city touts its Inclusionary Development Policy as a vital vehicle to providing affordable housing in Boston for “households earning too much for a housing subsidy but not enough to secure housing they can afford on the open market through use of private funds,’’ according to the city’s most recent annual report on the program.
Millennials to Keep Housing Strong for Years to Come (REALTOR® Magazine, Nov. 1, 2021)
More millennials have become homeowners since the pandemic. Millennials have accounted for the largest share of home buyers over the past year—37%, reports Barron’s. The pandemic is motivating purchases. The number of households headed by adults aged 30 to 44 years old jumped by 1.3 million during the pandemic.
Gen Z Values Homeownership (realtor.com®, Jun. 24, 2021)
For Gen Z, the top reason for wanting to buy a house in the future is tied to expectations of growing families—moving in with a partner and having kids. Rounding out the top three reasons for buying at some point are the need for more space, closely followed by the desire to save money on rent payments.
Are Millennials So Different from the Generations Before Them? (Joint Center for Housing Studies of Harvard University, May 4, 2021)
While millennials have been less likely to become homeowners than previous generations at the same age, the gaps between them are narrowing. Indeed, the homeownership rate at age 30 among the early millennials was about 41 percent, while it was 50.5 percent among Gen Xers and even higher among the early boomers (57.8 percent).
Millennials and Housing (Freddie Mac, 2021)
A significant share of millennials have yet to mature into homeownership, as many of them either haven’t reached the life stages that typically prompt a desire to own a home, find it unaffordable, or are unaware of options that could help them reach the “American Dream.”
Working With Younger Buyers
The Impact of Student Loan Debt (National Association of REALTORS®, Sep. 2021)
One quarter of student loan debt holders say their debt has impacted their decision or their ability to purchase a home (29%). P. 26
How Millennials are Changing the Mortgage and Home Buying Market (Forbes, Jun. 1, 2021)
Technology has become crucial to the home buying process. Utilizing the internet and mobile devices to find, view and buy homes has become the norm among millennials.
The Millennial Home Buyer | 3 Keys To Selling Homes to Millennials (Boca Raton Real Estate, Jul. 25, 2021)
Millennials are correctly regarded as more sensitive and despise anything that comes off as contrived and disingenuous. If they detect a façade or empty language, be prepared for them to “ghost” you. Our best advice is to keep up with current pop-culture trends or be prepared to reveal a tiny bit of who you are professional while making sure that it is something that they too can identify and empathize with. In fact, empathy will be paramount whenever managing your client relationship with a Millennial.
How Millennials are Changing the Housing Market (Investopedia, Feb. 21, 2021)
Millennials also differ from previous generations in terms of how they use tech to communicate with realtors. "They prefer the majority of communication to be via text message," says Jill Hussar, a broker-owner at Hussar Real Estate in Lakewood Ranch, Florida.
Selling Homes To Gen Z: What You Should Know (Quicken Loans, Jan. 28, 2021)
They’re also smart, good at self-educating and don’t want to be talked down to. They do a lot of their own research before making big purchases, so don’t be surprised if your Gen Z clients tend to come into the process already more educated than other first-time homebuyers typically would be.
What Younger Buyers Want in a Home
What Millennials’ Wellness Focus Means for the Housing Market (Forbes, Jul 27, 2021)
“Respondents ranked happiness first. Protecting the environment and health/wellness were tied for second,” the researchers noted. In their home-buying decisions, neighborhood quality and safety ranked highest for millennials and healthy homes ranked closely below, followed by closeness to open space, walking trails and activities, all of which point to the health potential of communities.
Here’s How Millennials are Creating Trends in Home-Buying Market (AZ Big Media, Jul. 19, 2021)
“Millennials want everything from their refrigerator to the lights to be integrated and wirelessly connected,” Olson said. “We’ve also seen our builders within Estrella getting requests for energy-efficient features that help reduce both their carbon footprint and energy bills each month.”
Millennials Remain an Attractive Market for Real Estate Agents (Reminder Media, Jun. 30, 2021)
Highlight property details that appeal to millennials, such as energy-efficient appliances, open floor plans, a home office, large kitchens, relaxing outdoor space, access to public transportation, and a bike-friendly neighborhood.
Who Are Millennials and What Do They Want in a Home? (McKissock, Jun. 16, 2021)
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