Who Are Millennials and What is their Economic Status in the US
1. There has been so much news about the generation called 'Millennials' so what is their age group?
Millennials are younger generation born between 1980's and early 2000's.
2. Should Real Estate Agents care about Millennials?
Absolutely as they are the new consumer and the younger working class ages 18-35 will soon be 35% of this nations work force.
3. What is unique about this group?
They are the most educated, very liberal and most culturally diverse of all the working class groups.
4. Is their a difference between male and female Millennials in the workplace?
Yes, males have always made higher wages and more men worked while women stayed home but the gap is narrowing greatly and women are making higher salaries. Many professionals are paid the same whether they are men or women. It is a big advancement to have labor market equality in our nation.
5. Do Millennials start out with debt in the working place?
Yes, it is more likely they will go to college and if they can not afford it, they will take out student loans and pay them off for the next 20-30 years.
6. Is it a big priority for Millennials to buy a house right away?
Stats disagree here as many sociologists say no that they will stay at home with their parents or rent a place for several years or more. But stats do show that this group is out searching the internet for houses daily.
7. Is the internet a big part of the Millennials life?
Yes, they are on social media sites 24X7, research the market on real estate sites, and many do their work on the computer so their skills far exceed most other generations therefore it is a big part of their everyday life.
8. Will school loan debt be a big problem for Millennials to buy a house?
Not unless they are heavily burdened with loans and not making a very high income. Years ago, lenders expected the graduating students to pay off their loans but now the loans are so much higher and it spans across a huge generation of new young workers.
9. Do Millennials have the same dreams as the older generations?
No, they want to live in urban areas, and really do not want to wait to save money to buy a house. Older generations used to save by pinching pennies until they had a substantial down-payment but nowadays the younger buyers want to put very little down or will just rent in an expensive townhouse and not worry about saving.
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