When seeking leads, which demographic is the most sought after? I have some data that just might change your strategy.
During the recession, a large percentage of young adults chose to live with their parents, rather than securing a place of their own. However, as the economy continues to improve, this group, known as Millennials, will be packing up and moving out on their own. Today, there are just 13.3 million households headed by Millennials, but it is estimated this cohort will grow by 40 percent — to 21.6 million by 2018. But that’s not all. It’s estimated that they will spend more than $2 trillion on rent and home purchases combined. That’s more on a per-household basis than any other generation over the next five years, according to a report from the Demand Institute.
The report also indicates that Millennials are not going to be shy about spending in the future. They are generally optimistic about their future, and are preparing for prosperity. Most have plans to move within the next five years. Further, Millennials are looking to improve their living situations, whether that might be moving into a more spacious home or purchase one for the first time. Eight out of ten Millennials have plans to own a home someday. That sounds like opportunity knocking to me!