If it seems like we spend a lot of time talking about millennials (your present day 20-to-30-somethings, loosely put), it’s because, well...they’re important! Millennials are the our recent graduates and increasingly the face of our workforce. They’re getting degrees, securing careers and settling down, just like the generations before them.
To the untrained eye, despite murmurs of student debt ceilings and employment rates, it might seem that millennials are just like the generations before them. But there’s a point that we as real estate investors need to pay mind to when it comes to millennials:
Millennials are holding the real estate market back.
At first glance, that statement seems to be blaming millennials. It’s really not. We keep talking about it because the state of millennials, both economically and in their mindset, continues to shape modern economics and markets whether we like it or not. While millennials aren’t entirely responsible for the sluggish real estate market, many proport that if they’d just buy homes already, the market could make a full recovery.
Unfortunately, it’s just not that simple.