The temperature isn’t the only record-breaking news this summer – millennials now represent the largest segment of the population and have the ability to make
What is the correlation between millennials and real estate growth?
The correlation is mostly based on the availability of information that the millennial generation is becoming more accustomed to.
First, let’s see how that led to millennials’ attraction to the real estate market:
Millennials know that if they want to learn about ANYTHING, they can do their online researched and acquire the information they need to carry it out.
Additionally, millennials have a high desire for making income through investments due to their exposure to millions of success stories, and their access to information that clearly indicates the efficiency of the real estate market in making money.
This means that millennials have the desire to enter the market, have the means to learn about it, and they are now making enough money to actually do something about it.
Millennials make up 66% of all first-time home buyers, and 34% of overall home buyers.
In 2016, millennials in the US were associating the American dream with home ownership more than any other age-group with 65.3% of people who are interested in owning a home being of the ages between 18–34.
If you’re looking to invest in the real estate market, you will need to cater for millennials, otherwise you’re losing a huge portion of the market.
So how did this affect the real estate market?
Millennials are tech-users. They rely on modern technologies, devices, and gadgets more than any previous generation.
This changed the way the real estate market functions and operates because investors are starting to realize that in order to cater for this new growing market, they have to change their strategies to match the interests of the millennials and the mediums that they use.
Additionally, millennials are changing the standards of real estate properties.
Whether it is the interior or exterior design of the property, its size, its purpose, or any other characteristic of the property, the things that make up an attractive property for the biggest growing market are changing to match the interests of millennials.
As for millennials who are becoming real estate investors, they have an even bigger effect on setting the trends and standards of the market, and they are far more capable of attracting other millennials to their investments because they share the same culture and base of knowledge that they can build their strategies and decisions on.
For a more in depth answer to your question about the effects of millennials on the real estate market and its growth, read our post ( ).