The 80 million Millennials between the ages of 18 and 35 in the United States will have an impact on the housing market.
- RIS Media had a Better Homes and Gardens Real Estate survey on Millennials
- 77% want essential, purposeful homes equipped with technological capabilities as opposed to the conventional, grandiose homes preferred by their parents.
- 56% say that technological capabilities are more important than curb appeal
- 64% wouldn’t consider a home without these amenities.
- The National Association of Realtors Realtor Mag contained an article: “Should Boomers Worry about Millennials’ Housing Shift?”
- Will Boomers have a difficult time selling their larger, suburban homes?
- The Urban Land Institute’s Terwillinger Center for Housing shows:
- 60% of Millennials prefer a mix of housing choices and want to be near shops, restaurants, offices and transit.
- 75% value walkability
- 63% plan to move in the next 5 years, and of that, 40% expect to move to multi-family housing.
- The demographic faces serious student loan debt
- There is speculation that this generation will operate in a similar way to the generation that went through the Great Depression.