As millennials transition into being the dominant generation in the country, it is vital to take into account what effect they will have on different markets. Milennials have grown up in a vastly different world than the generations that came before them, a world where technology bloomed at a speed that had never before been imagined. Events such as vast technological advancements and economic recessions have molded the minds of this generation to be incredibly different from the "Baby Boomers" and "Gen X'ers" that preceded them.
Some critical aspects of the millennial mindset are efficiency and immediacy. Millennials came of age with gadgets in their hands capable of bringing them almost any information they desire in a matter of seconds. This technological shift has vastly shifted the mindset of millennials to expect lightning quick results. Millennials strive for efficiency and waste no time waiting.
Another essential thing to keep in mind about millennials is that they have grown up in a vastly different financial reality than their parents and grandparents. The Great Recession of the late 2000's affected many millennials and greatly influenced how millennials spend their money. Entry level jobs requiring college degrees in combination with high tuition costs led to a generation drowning in student debt. Due to this financial reality, millennials are much less likely to start families or purchase permanent homes at a young age. Many millennials have felt it necessary to remain living with their parent or large groups of friends to reduce living costs.
Florida’s Real Estate industry, like all other industries, must prepare for the generational shift towards Millennials. Knowing the tendencies of millennials and what kind of land they are more likely to purchase, or what developers will need to meet their needs, will be beneficial to landowners looking towards the future.
In this video, KC Conway sits down with Heather Celoria of Saunders Real Estate to discuss some of the effects that millennials might have on Florida's Real Estate industry.
About KC Conway
Conway is Director of Research & Corporate Engagement Chief Economist, CCIM Institute. Conway is an Economist, Real Estate Counselor, and Industry Speaker. He has a history of accurately forecasting real estate trends. Learn more about KC Conway.
About Heather Celoria
As Marketing Manager at Saunders Real Estate, Heather leads a talented and diverse marketing team to develop strategies for the company’s brokers and agents. With a staff of creatives, analysts, and media specialists, she helps create custom solutions that position and promote properties across multiple marketing channels. Following the lead of the company’s executives, she believes in a strong commitment to industry expertise and ongoing learning. Heather worked for The Ledger/NY Times Co. as an Internet Marketing Manager and later as a freelance marketing communications consultant for many local clients in a variety of industries, including real estate. Learn more about Heather.