When Millennials become Parents

Posted by Andreas Holder on Wednesday, February 1st, 2017 at 5:59pm.

 

 

“At any given time in our history, demographics would explain 60-80% of what’s happening [in the market], and we are in a period of time where Millennials make up a largest demographic group,” explained Jonathan Smoke, Chief Economist for realtor.com.

 There are now more than 16 million women in the Millennial generation (those born between 1981 and 1997) who have children. And the trend is going to continue. Recently released data from the National Center for Health Statistics found only 42% of Millennial women had children as of 2014, which indicates the rise in new families is on the horizon.

 As more and more Millennial families are formed, these new parents will begin shifting their focus to quality homes for their children. For them, “home” is not only the house but the school districts, community and activities they will integrate into their lives.

 And while there is conversation about how student debt will impact home ownership for this generation, it’s critical to remember that more than 60% of Millennials have not reached the average first-time home buying age of 32, as reported by the National Association of Realtor. The homeownership rate amongst Millennials has nowhere to go but up!

 So what does this mean?

Millennials as a generation have delayed traditional social norms until later in their lives. Whether getting married, having children or buying a home, the desire to provide for their family is still there. We are on the cusp of this generation’s foray into parenthood, and the real estate decisions that will be on the forefront of their minds. Contact Andreas Holder to get his inside opinion of what this means for your planned real estate transaction.

 

Andreas Holder, Chicago Real Estate AgentAre you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too.
Learn more about Andreas or start your home search now.

Join Us On Social Media

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com