Greater Fort Wayne Business Weekly in comments about millennials writes “Nearly 40 percent of millennials were living with their parents, siblings or relatives in 2015.” That is the highest rate in 75 years, according to an analysis of census data by Trulia, which tracks real estate sales.
The 2015 rate, 39.5 percent, was the highest since the peak year, 1940, just after the end of the Great Depression. The high rates have resulted in a lower demand for housing among those in the millennial generation.
Higher rents in many major cities and tougher lending requirements, especially since the mortgage crisis that began in late 2007 and the Great Recession that followed, made financing housing more difficult for many millennials.
The LA Times recently wrote, “Call them the prodigal millennials. Various reports suggest that young couples and singles in their late 20s and early 30s are beginning to enter the home-buying market. They have been attracted by mortgage rates in the 3% to 4% range. Government efforts to ease credit requirements have helped as well as deep frustrations over rising rents without creating equity.
Millennials are a sizable group; almost 74 million people. The Pew research center defines millennials as between ages 18 to 34 in 2015. The oldest “Millennial” was born in 1981. The group is projected to number 75.3 million. That’s bigger than the 74.9 million Boomers or the Gen X population. Immigration is expected to add to the total. The millennial population is projected to peak in 2036 at 81.1 million.
Working with millennials will be tough. If you want to specialize in this demography, you must do certain things:
Look for more growth. Based on an online survey, Fort Wayne was named one of the best for Millennials. Ranking in the top percentile in areas such as cost of living, housing (rent and ownership) and low unemployment, Fort Wayne quickly rose among the ranks of its peers.
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