The oft maligned “millennial’ generation is coming of age and flexing their considerable strength.
For some time now, this maturing Millennial Generation has been influencing different aspects of American life, from how we get around and how we buy our groceries to how we communicate and even how we look for places to live.
Millennials are now the largest generation, bigger even than the baby boomers- there are over 75 million millennials, slightly overshadowing 74.9 million boomers.
These millennials are greatly influencing how the rest of the market behaves and also make up a huge percentage of the market at the 'typical age' to purchase a home, but are they worth pursuing?
The Truth about Millennials and Home Ownership
Most millennials are drowning in debt and earn less than someone their age did in the year 2000. The average student debt has increased by 77% and the number of people with student debt has increased by 89% since 2004. This has resulted in many people moving back to their parent’s homes after graduating from college and has completely changed the way this age group views money and how to spend it.
According to Business Insider, 'millennials are the most educated, most diverse, and most indebted generation in America's history.'
Because of their higher debt, lower income and the reduction in entry level housing available, it seems that millennials have almost given up on owning their own homes and instead justify spending their disposable income on things like brunch, make-up and clothes.
BUT WAIT, It’s not all bad news
It is important to remember that these studies are not infallible and do not represent everyone in the generation. There are those who are fortunate enough to be in a more favorable financial position. The new challenge is finding them. Distributing postcards to an entire neighborhood isn’t going to do it, that's for sure. So what other options are there?
Targeting the Millennials Who Can Afford to Buy
PropertySimple's new product allows you to target the people you want to be talking to. You can select criteria like an age range, income, household income, and even breakdown ads to target people likely to buy a house in the next six months, and then reach them where they spend most of their time- social media.
PropertySimple's new technology is the easiest and most effective way to reach your desired audience. If you're interested in learning more about how you can target your audience on social media and would like early access to our product, join our Facebook Group, Future of Real Estate!
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