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Kathy S. Koops GRI

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Millennial Homebuyers

filed under: Real Estate posted on August 7th, 2014

What happened to Millennials- the next generation of home owners?

According to the National Association of Realtors the Millennial generation- 18 to 35 years old and often referred to as Gen Y or Echo Boomers,  is larger than the baby boomers — 87 million versus 76 million — and are 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.

But not everybody (myself included) believe that the millennial generation is automatically going to fix all the housing problems.  Their buying pattern is different from their parents and, for many of them,  owning a home is not a priority.  A recent article in US News highlights the differences and difficulties of marketing to millennials.

NAR analyzed current housing conditions, job creation and population trends in 100 U.S. cities to determine the best markets for up and coming Millennial home buyers and Austin, Texas and Salt Lake City were identified as top standouts for Millennials for having a young adult population with solid job growth rates and still relatively affordable home prices. Good news for greater Cincinnati that 7of the 10 metro areas recognized are in the Midwest and West.

Real Estate for Millennials

 

 

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    Art Falcone

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