Nation’s Largest Living Generation

This year, according to Richard Fry at the Pew Research Center, the “Millennial” generation is projected to surpass the outsized Baby Boom generation as the nation's largest living generation, according to the population projections released by the U.S. Census Bureau last month. Millennials (whom we define as between ages 18 to 34 in 2015) are projected to number 75.3 million, surpassing the projected 74.9 million Boomers (ages 51 to 69). The Gen X population (ages 35 to 50 in 2015) is projected to outnumber the Boomers by 2028.

New changes seem afoot:

The LA Times recently wrote, “Statistical measures and anecdotal reports suggest that young couples and singles in their late 20s and early 30s have begun making a belated entry into the home-buying market, pushed by mortgage rates in the mid-3% range, government efforts to ease credit requirements and deep frustrations at having to pay rising rents without creating equity.

Hadley Malcolm at USA Today wrote, “2015 may prove to be the year of homeownership for millions of Millennials. Real estate website Zillow predicts Millennials will overcome Gen X as the largest group of home buyers this year — more than half of 18- to 34-year-olds said they plan to buy a house in the next one to five years.”

This might surprise many, but millennials are good at saving and investing in themselves. Fifty-six percent of 18- to 34-year-olds saved at least 5 percent of their income in 2014, an increase of 6 percent, reports Bloomberg Business. Improving savings rates mean millennials are paying themselves first. It also helps that they’re generally pretty thrifty, preferring to keep their money rather than spend it.

“Millennials tend to plan their purchases and shop for value online,” said David P. Sims, certified public accountant (CPA) and managing member of RidgeHaven Capital LLC. “This may be a result of necessity, as incomes remained stagnant over the past few years, especially for entry-level professionals.”

Melissa Dittmann Tracey, REALTOR® Magazine wrote something surprising. She said, “Millennials may be willing to sacrifice extra square footage in a home and even features like an outdoor kitchens or two-story foyer. But there’s one thing they say they aren’t willing to sacrifice in a new home: A separate laundry room.”

“Fifty-five percent said they wouldn’t buy a new home that didn’t have a separate laundry room. They also ranked storage as important, such as linen closets, a walk-in pantry, and garage storage.”

It could be a very good time to be real estate investors, if millennials are truly coming to market. Just remember in your marketing to stress that your house has a separate laundry room.

Red Hill Real Estate Solutions, LLC. is here to help homeowners out of any kind of distressed situation.  As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what!  There are no fees, upfront costs, commissions, or anything else.  Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.

Give us a call today at 951-356-5440 to let us know what YOU need help with!