Is The Millennial Generation Going To Buy Real Estate or Not?
Is The Millennial Generation Going To Buy Real Estate?
“People try to put us d-down (Talkin’ ’bout my generation)
Just because we get around (Talkin’ ’bout my generation)
Things they do look awful c-c-cold (Talkin’ ’bout my generation)
I hope I die before I get old (Talkin’ ’bout my generation)”
Questions about the millennial generation have been a topic of conversation for years. Their Boomer parents have turned everything they touch…including real estate…upside down. So now that its their turn, what are they going to do?
Not A Promising Real Estate Beginning For Millennials
In 2012 36% of people aged 18 to 31 were living in their parents home. This is up from 32% in 2007. This represents an increase of 3,100,000 more Millennials living with their parents. That is equivalent to at least 1,000,000 homes not needed at a ratio of 3 people per household. One MILLION less homes. Yikes.
What is causing this large number of young adults to return to the nest?
Statistics from the www.cromfordreport.com show that the number of college attendees has risen. Unemployed among that age group is up; people without jobs don’t buy homes.
And fewer Millennials are getting married (or getting married later) than previous generations. Add that all up together, and that’s a million less homes being bought.