These three survey findings lay the groundwork for understanding prospective Millennial buyers
By Meyers Research
Millennials, the largest living generation, will shape the housing market for years to come. This group provides a huge opportunity for homebuilders, and we want to help you better understand them. Meyers Research’s resident Millennial, Ali Wolf, Manager of Housing Economics, recently conducted a survey (over 1,000 responses in 48 states) on this cohort and here she explains three key findings.
- One size does not fit all.Ali explains, “This seems obvious, but as I started to research Millennials, I would hear people definitively talk about what all Millennials want. Being a Millennial myself, I thought I knew this cohort really well. However, the more I researched this group, the more I realized that trying to analyze 75 million people under 35 was really hard.” Even when narrowing this down to age group, one has to remember a 25-year-old in Muncie, Indiana is often thinking differently than a 25-year-old in Newport Beach, California. And even within Newport Beach, there will be 25-year-olds thinking differently from one another. This solidified the need for granular and targeted consumer research when trying to understand Millennial buyers in your market.
- 55 percent want to buy in the next 1-5 years. Most of us know that Millennials want to own a home one day, but did you realize that that ‘one day’ is pretty soon? In our survey, 30 percent of Millennials said they want to purchase a home in the next 1-3 years, and 25 percent want to own in 3-5 years. Extrapolating the survey to the larger population, this means nearly 25 million Millennials plan to purchase over the next 3 years.
- Location is valued most.We asked our respondents what they valued most about where they live, offering 10 variables to choose from. Location came out on top, followed by price and outdoor space. It should be noted that outdoor space was not exclusive to warmer climates; we also received this answer from different markets across the Midwest and Northeast. When it comes to location, in some markets, urban areas were desirable, but in many, that’s not the case. In our survey, 45 percent of respondents lived between 11 and 30 minutes from work.
These insights skim just the surface of our findings. Meyers Research has done extensive research on the Millennial buyer and is currently preparing presentations on the topic for showcase across the country.
Ali Wolf is the Manager, Housing Economics for Meyers Research LLC, Orange County. In her role, she manages and analyzes content for Zonda and their published research. Prior to joining the Meyers team, Ali headed macro, regional, and metro-level monthly economic reports for a market research company. She may be reached at email@example.com.