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Millennials and their Homes
September 2014 | The Demand Institute
The economy is getting better, albeit slowly, and a generation faced with numerous economic challenges is looking ahead. The weight of Millennial influence on the economy and housing market will be significant over the next five years - Generation Next has become Generation Now.
But despite the growing influence of Millennials, many myths to the contrary persist. When they move, they will all move to the city and rent; they don’t want to own things; they won’t need cars anyway – and there will be a massive slump in demand because they are all going to be living single in their parents’ basements for the foreseeable future, right? Not quite.
Like most myths, there is some truth here – but only some. Last summer, The Demand Institute surveyed more than 1,000 Millennial households (18- to 29-year-olds) about their current living situation, moving intentions and home preferences, as part of a broader effort to understand where future home and community demand is headed. What we learned was often counterintuitive to the prevailing wisdom about this important generation, which is likely to behave more like earlier generations than many appear to expect.