The real estate landscape in the United States is changing rapidly, thanks to the influence of younger generations. Investors and developers must stay ahead of the curve by understanding and planning for these changes. Learn how millennials are disrupting the real estate market in Central Florida and beyond, and what you need to do now to keep up.
Millennials
-In the United States, there are currently some 75.4 million people born between 1980-1997.
-By 2025, 75 percent of the workers in the world will be millennials.
-Millennials are known for their love of amenities: communal entertaining areas, gyms, pools and laundry facilities are all a big plus when looking for somewhere to live.
-Millennials tend to switch jobs every three years on average.
-In 2016, 65% of households headed by people younger than 35 were renting, up from 57% in 2006.
-Many millennials will live in cities their entire lives.
-In 2017 Orlando, Florida was named the #3 ‘Millennial Magnet’ city in the United States, meaning more young people want to live and work there.
Younger Millennials (ages 21-26) Spend a lot on ‘Unnecessary’ Purchases:
-54% eat out at least three times a week
-30% buy coffee at least three times a week
-51% go to a bar at least once a week
-60% of millennials expect to live in detached single-family homes within the next five years.
-Nearly 50% of millennials are willing to pay more for high-end amenities.
The Top Reasons Why Millennials Buy Their First Home:
-66% More living space
-36% Build equity
-33% More space for their dog
-25% Marriage
-19% Birth of child
Sources:
https://www.realtor.com/news/trends/top-10-millennial-cities/
https://www.thecashlorette.com/millennial-money/millennials-financial-vices/
http://newsroom.suntrust.com/2017-07-26-SunTrust-Survey-Mortgages-Are-Going-to-the-Dogs
Owners and investors can take advantage of the shifting real estate landscape, by investing in multifamily properties that offer the amenities millennials crave. If you need help finding the perfect multifamily investment, or would like advice on how to get the best return on investment for your property, the team at 100Units.com is here. Contact us today to make your multifamily real estate goals a reality.