Millennials, or those born between 1981-1997, are more than a quarter of America’s population. As they come of age, this segment of the population has become the largest new source of homebuyers and renters. A whopping 68% of new home buyers come from this age group.
However, while Millennials are key to the future of housing demand, the recent recession has left them at a financial disadvantage. Because of this, they are delaying key life milestones, such as homeownership, marriage, and having children. Economic challenges, such as rising student loan debts, stagnant wages, a competitive job market, rising rents, and high price-to-income ratios, have made it difficult for Millennials to save and/or qualify for a home. Despite all this, the majority of Millennials are optimistic about their future and still aspire to own their own home.
Check out the fascinating info graphic below from UpNest that shares various characteristics of Millennials and what they value in the home buying and selling experience.
