Recent studies has actually disproven the thought that millennials would rather rent in an urban area than own in the suburbs. As this generation gets older and moves into prime home buying years, does your marketing strategy reflect this newfound reality? This news has the potential to impact many industries and should be something you consider when looking into your marketing strategy for the coming years.
Check out this brief story in DWM Magazine about this topic.
This Just In: America Still Loves the Suburbs
October 23rd, 2015 by Trey Barrineau
Here’s some surprising news for those who think millennials will transform America’s housing market into one dominated by renters in highly urbanized areas: Trulia economist Ralph McLaughlin said his company’s research indicates that most younger Americans want to own a home in the suburbs rather than rent in the cities.
“Many believe that home buyers are bucking the trend of previous generations in that they want to live in urban areas and want to rent,” McLaughlin said during Wednesday’s National Association of Home Builders (NAHB) 2015 Fall Construction Forecast webinar. “What we are finding from our surveys is just the opposite. Among millennial renters, almost 90 percent say they eventually want to purchase a home. That is significantly higher than Gen Xers, who were hurt by the recession, and quite a bit more than current baby boomer renters, who are at 40 percent.”
However, the vast majority of millennials, many of whom are struggling with huge levels of college debt, say it’ll be at least two years before they are ready to buy a home.
To read the rest of this story, click HERE