The Millennial generation is larger than the baby boomers — 87 million versus 76 million — and they’re expected to be a huge force in the real estate market in the coming years.
Selling to Millennials
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.
Millennials are not only bigger in size, but they’re also more diverse, U.S. Census data shows. Only 56 percent of Millennials are white.
Indeed, generations are gradually becoming more diverse. Babies born today mark the first generation where whites make up only 50 percent of the population, and in a few years, white children will no longer make up the majority, according to U.S. Census data.
Last year, the most common age in America was 22 years old. Of the 4.7 million 22-year-olds last year, 56 percent were white; 20 percent were Hispanic; 15 percent were black; and 5 percent were Asian.
In comparison, there were 4.4 million 55-year-olds last year, and 71 percent of them were white; 11 percent were Hispanic; 12 percent were black; and 5 percent were Asian.
The median age of Americans is 37.6 years old, according to the Census.
Find out the top 10 metro areas where Millennial home buyers are heading.
Source: “Millennial Generation is Bigger, More Diverse Than Boomers,” CNNMoney (August 2014)
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