Baby Boomers are born between 1946 and 1964 while Millennials are those individuals born between 1982 and 2000. They have now officially outnumbered the Baby Boomers and this is creating some interesting shifts and demands in the real estate market. If you are helping Millennials to buy or sell in this market there are some things that you need to know. Here are some interesting facts about Millennials:
81.3 million – there are currently over 81 million Millennials living in the United States. They have now outnumbered the Baby Boomers.
35% – More than one in three in our work force are Millennials. They have surpassed Generation X to become the largest share of the American workforce. Millennials will be given more managerial positions as Baby Boomers choose quality of life over career advancement.
47% – It is being predicted that by 2020 almost 47% of the workforce will be Millennials as Baby Boomers choose to retire. Baby Boomers are not only retiring from the traditional work force, they are also starting their own small businesses. This leaves room for Millennials to take over their previous jobs.
75% – It is predicted that by 2025 almost 75% of the workforce will be Millennials. Millennials expect a more flexible work environment. If they don’t get it, they will look for other opportunities. They are not afraid to change jobs or careers.
1 in 10 – 1 in 10 Millennials earn over $100,000 per year. However, they are saddled with a lot of debt. Millennials do enjoy spending money, so the Millennial has to watch their spending despite their income.
25% – This is the number of Millennials that have chosen to move back home so they can pay off student loan debt and save money for housing.
63% – This is the number of Millennials that have at least a Bachelor’s Degree. Millennials are well-educated but many of them have had a hard time finding a job that utilizes their degree.
48% – 48% of Millennials are working at a job that doesn’t require a Bachelor’s Degree. Millennials are creative, resourceful and they have no problem adapting to new tasks.
34.2 % – More than one in three millennial women work in management or professional occupations
25.4% – One in four millennial men work in management or professional occupations
$45,000 – The average debt for the Millennial generation is $45,000.
600 billion – Millennials currently contribute over 600 billion in spending each year
1.4 trillion – Millennials are on pace to increase spending power to over 1.4 trillion by 2020
63% – The number of Millennials that want to live in urban areas
14% – The number of Millennials that can afford to live in urban areas
As you can see the Millennials are a huge force to be reckoned with and today’s real estate professional needs to know these stats and they need to know what the Millennial wants and how to find it for them.