Real Estate Tips: Things that Real Estate Industry Should Know About Millennials

Posted by Staff Reporter (media@realtytoday.com) on Dec 01, 2015 09:00 AM EST
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Millennials (also known as the Millennial Generation or Generation Y) are the demographic cohort following Generation X. There are no precise dates for when the generation starts and ends; most researchers and commentators use birth years ranging from the early 1980s to the early 2000s. (Photo : Getty Images)

Millennials now make up to 83.1 million according to the U.S. Census Bureau. That is roughly more than a quarter of the population of the United States of America. As the generation enters into a phase where they are now one of the major buying force, they have been getting more attention from all businesses such as the real estate industry.

However, the working generation is far different from their baby-boomer parents. This generation have been faced with more changes than any other generations. In addition, they have been brought up in the age where the technological boom has contributed a lot.

It is to be expected that the millennials will be the future of housing and real estate demands. However, as this generation faced economic challenges such as the Great Recession, some of the key milestone in life, as pointed out by the ‘American Dream’ which is talked about here, are also delayed.

Millennials is the most diverse and educated generation. However, with the delayed milestones, millennials have preferred renting than than owning a family home. In fact, millennials are not infatuated with big homes. They are more into minimal homes, but prefers to see and travel the world.

Moreover, millennials are exposed to high tech gadgets and digital stuffs at an earlier age. This has transformed how businesses try to reach their customers. More businesses are diving into the internet and world wide web to tap into the millennials for instant access of their products and services such as websites and social networks.

According to Upnest, millennials prefer businesses that offers information and photos and videos of their products, especially real estate properties. They are also more inclined to the kind of neighborhood the property is located in than its affordability.

Are you a millennial? Are there anything else you can add?

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