What you need to know about millennials in the current market
However, there are differences between those considered the “older half” versus the “younger half” of the millennial generation. Specifically, millennials between 32 and 41 years of age and boomers between 67 and 75 years of age take more time in their home search than their younger half counterparts. This may be because the higher income of these more established professionals allows them access to a larger segment of homes, which essentially offers them greater selection to choose from when searching for the home that best fits their needs.
Other factors that impact millennial home buying
The low inventory and high demand of current markets also mean that higher prices dominate many markets. This has impacted how Millennials save to afford their first homes, resulting in social changes we can see across the generation, such as:
- Living with their parents to save money for a house- Pausing student loan payments to aggressively save money for a home- Pausing or stopping social activities, such as eating out or taking vacations- Holding off on having children in order to save for a home down payment
How can this data help you succeed as a real estate agent? As a real estate agent, you can use this data to tailor your marketing strategy and improve your ability to serve potential clients. Understanding the rising trends and what potential clients expect from their agents is essential to your future success.
DFW Property Management manages rental homes across 85+ cities in the Dallas-Fort Worth metroplex. Get a free rental analysis to see what your property could earn with professional management.
