There are approximately 8.3 million Millennials right now running through the U.S. system. This group is made up of 18- to 34-year-olds, is larger than the Baby Boomer Generation, and they’re looking for new homes.
“These people are starting to enter the housing market,” said Dale Phillips, co-host of the Better Home Show and President of DPIS Engineering. “One of the characteristics of these folks is that they are late bloomers in a way.”
Phillips described how Baby Boomers quickly moved into their own home, got married, and had kids. He said that his generation got started a little earlier than the Millennials.
Regardless of the late start or the hesitancy to buy a home or start a family, this generation is raring to heavily impact the housing market.
“Over the next five years, 8.3 million new Millennial households will form,” he said. “That’s 8.3 million new homes we will need to have.”
By the Numbers
He added that 74 percent of Millennials plan to move into a new home in the next five years, with their top reason for making the decision is the need for better housing. Out of that Millennial population, 64 percent plan to be married and 55 percent plan to have kids in the next five years. Even a more impressive number, which bodes well for homebuilders, is that 75 percent of this generation see purchasing a new home as an excellent investment.
“They’re looking for housing,” he said. “They want their first home to be affordable and all of the builders have been targeting that group.”
Part of the Millennial Generation? Look at all of the affordable custom home designs we have available in Our Floorplans section.