Whether if you like them or not, you need to fully understand the fact that Millennials are the future. Right now they make up over 1/3 of all US workers and have the ability to change industries from within. Perhaps more importantly, given their demographics they own astonishing purchasing power at over $200 billion dollars annually and influence the buying habits of older and younger generations.
That’s why Millennials are either thanked or blamed for the majority of market shifts. Last year, Millennials were tagged as the group who were not purchasing as many homes as expected; this year they are the sparks that will ignite a dismal building industry. Whichever way, as the elders of this generation round into their early to mid 30s, buying a home is becoming a priority.
According to the 2015 TD Bank Mortgage Service Index, 50% of Millennials are either “extremely” or “very” likely to purchase a home in the next year. Nela Richardson, the chief economist for Redfin acknowledged this stat by predicting, “Millennials will have a huge impact on the housing market for the next decade, just because of demographics alone.” She also added, “So whatever a few of them do, there’s enough of them that they’ll make a big impact.” Builders: Are you ready? Have you taken the time to strategize for the Millennial shift and adjust your products and services to capture our attention and deliver a great experience? I hope so.
What enough of them are doing is making home buying pedestrian. And, at least for the Millennial generation, that’s a smart move.