Indsutry Trends: The Millennial generation is larger than the baby boomers — 87 million versus 76 million — and they’re expected to be a huge force in the real estate market in the coming years. The number of households in their 30s is expected to increase by 2.7 million over the coming decade, which should boost demand for new housing, according to a housing report by Harvard University’s Joint Center for Housing Studies. More trends for this demographic: Among some of the studys other findings: 87 percent of buyers age 33 and younger consider their home purchase a good financial investment compared to 74 percent of buyers 68 and older. Millennials were more likely to buy in an urban or central city area than older boomers. Younger buyers tended to place higher importance on commuting costs than older generations. Older generations tended to place more emphasis on energy efficiency, landscaping, and community features. Millennials plan to stay in the home for 10 years while the baby boom generation plan to stay for 20 years.
Posted on: Tue, 05 Aug 2014 21:25:01 +0000
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