Page 30 - Green Builder Nov-Dec 2020 Issue

They can be easier to sell to than their youngest Generation Xers) are comfort-
older counterparts. This group, totally com- able working remotely and are looking to Who’s Buying?
fortable making large purchases online, is establish a work-life balance that incorpo-
already driving the digitization of the hous- rates home tness, wellness, and health-
ing market, as indicated by a massive uptick care. “Their home buying decisions will
in 3D home tours. be based on dierent factors than previ-
ous generations,” COGNITION notes. “No
STAYING AT HOME—SO WHAT? location, location, location here—rather,
Millennials (and their colleagues, the [millennials are] focused on community

Millennials: 51%
Gen X: 32%
Baby Boomers: 17%

amenities, access to trails and recreation,
and healthy homes.”
This makes millennials a prime group to
target as homebuyers, given the current pan-
demic, according to Je Tucker, an econo-
mist with real estate marketplace operator
Zillow Group. Millennials, he notes, have
‘Y’ ask? Millennial men may have more the greatest chance to become a homeowner
money to spend on a new home, but because of their ability to “work from any-
it’s women who choose what home to where and live anywhere.”
buy and where. CREDIT: SDI PRODUCTIONS§ISTOCK Be patient, though. According to a report
by Irvine, California-based marketing rm
CoreLogic, millennials can take more than a
year to nd the right home. That shouldn’t
Homebuying? Women Make the Call surprise anyone, though. “Some of them
have lived with their parents for a decade
ILLENNIALS ARE THE BIGGEST homeownership rate than single male millennials, or more while they saved up their down pay-
influencers in the home buying and purchase more-expensive homes. Their ment,” notes Saumi Shokraee, CoreLogic’s
market. Most of this marketing housing choices have a median price of $200,450, Professional, Research & Content Strategist.
M segment consists of two-income compared to $189,920 for men. “With a desire for modern home technology
couples, but women are driving the bus when it Single female millennial homebuyers tend to and a location that ts their lifestyle, they
comes to decision making. purchase apartments and condos in urban areas, are quite particular about their investments.”
Approximately 73 percent of these buyers a trend that hasn’t changed even with COVID-19. That investment is likely to be a new home,
are dual-income, college-educated couples. But Single millennial men are more likely to buy homes according to a survey from the National
female millennials express four times more home in rural areas, and millennial couples purchase Association of Home Builders (NAHB).
buying purchase intent in online conversations homes most often in suburbs. Millennial home buyers who prefer a brand-
than millennial men. Millennial women make $0.22 per dollar less new home jumped from 28 percent in 2007
Single female millennials account for 19 than millennial males, but their lower annual to 41 percent in 2018 and are expected to
percent of home purchases, while single millennial income doesn’t impact their interest in making top 50 percent this year.£“Millennials do
men only represent 8 percent. long-term investments, including home purchases. not have the appetite to buy a home and
Unmarried millennial women have a higher SOURCE: COGNITION SMART DATA deal with remodeling it to t their desires,”
Shokraee notes. GB

28 GREEN BUILDER November/December 2020 www.greenbuildermedia.com

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