Wow, I just got the most extensive research I have ever seen on the effect Millennials are predict to have on the housing market.
I could spend a day just digesting all of the info included in this report.
Some of the most interesting facts have to do with Income projections. Wages have been flat, but show an increase in one category. Women ages 25-34 with college degrees. I like that news since I have a child headed into that demographic. It also seems to show that due to the economic crisis they were raised through that they are more risk adverse than the previous generation. So they will be more cautious when they do enter the housing market to not overextend.
90% of young renters say they want to purchase a home.
I think the report is summed up pretty well in this infographic.
I personally am excited to work with the Millennial Generation. I have a few clients I have worked with in the past year in that demographic, and they are a pleasure to work with.
In many ways I think the Great Recession was a benefit to this upcoming generation, and that the lessons they learned by being young during it will help them be successful going forward.
And the technology that they grew up with I believe helps with the real estate process, and I am looking forward to many years of working with the younger buyers and sellers.