A Slice of the Home Buying Pie: Millennials & Why We Should Care
In 2018, Millennials are between the ages of 22 and 36. They’re typically the children of Baby Boomers and Generation X’ers and are often characterized as being tech savvy, collaborative, socially responsible and environmentally conscious. In addition, the Millennial generation is taking over the population (and home buying) pie chart. Come 2019, it’s estimated that they will outnumber Baby Boomers at 73 million.
But why should we care about their housing wants and needs? Do they really affect us?
The short answer: YES
According to a 2018 National Association of Realtors study, over one-third of all home purchases were made by Millennials for the fifth consecutive year. So whether you’re a prospective home seller, realtor, home inspector or property manager, and regardless of whether Millennials are buying or renting, understanding their wants and needs is critical to a good many of us.
Protecting their bank roll
The sad truth is that Millennials make around four percent less than their Generation X counterparts did at the same age. In addition, many will pay upwards of 45 percent of their salaries – or $92,000 – on rent by the age of 30. Of course, for some that’s a choice guided by a desire to live in more expensive downtown areas or to not be burdened with a mortgage. But if we factor in that most are contending with significant college debt, then you’ve got the recipe for a very…shall we say…discerning home buyer or renter.
So when Millennials do spend – and they do – they may have waited a little while longer before dipping their toes in the housing market waters, and they more than likely know what they want.
What do they *really* want?
When thinking about what Millennials look for in a home, or a rental for that matter, it helps to think about what they look for in their products. As the green generation, near the top of their list is sustainability.
But how do we market to that?!
When it comes to home ownership or rentals, in general Millennials want products that are environmentally friendly from companies that they trust and they are willing to pay more. Whether it be smart home features or ensuring better indoor air quality, home sellers, inspectors and property managers should be ready to accommodate this. Stay ahead of the curve by ensuring that your “product” meets their desire for sustainability.
Give them what they want: healthy home air
Luckily, testing indoor air quality is now easier than ever. Systems like the yogi air and water quality test kit enable professionals and do-it-yourselfers to test indoor environments in just minutes. These all-inclusive tests are fast, easy, intuitive and complete, providing results for mold, allergens, lead, asbestos, formaldehyde, VOCs and radon in air, along with lead and copper in water.
Happy buying and selling!