If you plan on targeting a certain generation it’s important to know and understand them. With real estate it’s important to specify which generation you are targeting because each one usually wants very different things in a home. I’ve already given you a number of generational blogs about Millennials including:
- 8 Things Millennials Look for In A Home
- Get To Know Your 2015 College Graduates
- How To: “Divide and Conquer” The Multigenerational Home
- 5 Benefits Of Owning A Home As A Millennial
While it’s important to not discriminate with whom you are selling to, it’s also important to target a certain demographic. The Jim Dolanch Team is a strong believer in the fair housing act and will sell to anyone of any defining characteristic, including age. However, this blog will be specifying some important characteristics of the Millennial generation, also known as Generation Y, and frequently referred to as First-time Homebuyers, that many people may not know about including:
- Most Diverse – 42% are classified as a race that’s not white.
- Most Educated – 61% have attended college (compared to 46% of Baby Boomers)
- Less Religious – 25% aren’t affiliated with any religion or faith, according to our source. According to this same source, compared to the Baby Boomers, even fewer Millennials say religion is important at all in their lives.
- Hardworking – Older generations may view this group as spoiled or having a certain sense of entitlement. However that is not the case because many of them had to work their way up in their careers, after entering into one of the worst job markets in history.
- Affirmation–Seeking – Whether it’s positive or negative, approximately 80% of millennials prefer feedback from their managers in the workplace. This feedback that they request could range from on-the-spot critique to formal reviews. Don’t think that they are seeking this simply for praise but to improve their skills and aim high.
- Dreaming of Homeownership – While most Millennials are currently renting because remember (according to our source) they did enter into one of the worst job outlooks):
“Nearly two-thirds of those aged 18 to 34 felt owning a home was critical to living “the good life” compared to 56 percent of people aged 35-49”
Of course there are other characteristics that describe them such as being very tech-savvy, and not interested in marriage according to our source. The last fact about millennials, the dream of homeownership is obviously the most important fact of them all, at least for us. It’s important to remember that while most Millennials are renting right now, they still dream of owning a home. There may be certain circumstances that are working against them at the moment (student loan debt, job circumstances, etc.) but the dream is there. As long as we know that dream is there we will continue to market to Millennials in hopes that they will focus on that dream and become apart of the first-time homebuyer category as well.
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Until Next Time,