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Millennials now make up to 83.1 million according to the U.S. Census Bureau. That is roughly more than a quarter of the population of the United States of America. As the generation enters into a phase where they are now one of the major buying force, they have been getting more attention from all businesses such as the real estate industry.
However, the working generation is far different from their baby-boomer parents. This generation have been faced with more changes than any other generations. In addition, they have been brought up in the age where the technological boom has contributed a lot.
It is to be expected that the millennials will be the future of housing and real estate demands. However, as this generation faced economic challenges such as the Great Recession, some of the key milestone in life, as pointed out by the ‘American Dream’ which is talked about here, are also delayed.
Millennials is the most diverse and educated generation. However, with the delayed milestones, millennials have preferred renting than than owning a family home. In fact, millennials are not infatuated with big homes. They are more into minimal homes, but prefers to see and travel the world.
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