In the real estate/mortgage industry, this has become a major unanswered question for the last 2-3 years. The age group of 18-32 year olds is simply missing in action in the real estate and mortgage markets.
There is a lot of speculation, observation and misunderstanding about millennials and I suspect some of it is on point, while some of it misses the mark completely.
What we do know is that an unprecedented percentage of millennials are choosing to continue to live at home for a variety of reasons. Click play below for a video by Ryan Hills of TheREsource.tv that points out these alarming statistics.
On the other side of the coin, at a recent real estate conference a millennial speaker stated that if you want to do business with millennials, you first have to earn their trust. Clearly that isn’t the issue in the real estate/mortgage industry, as they are not going to some mythical competition who has earned their trust, rather they are just missing from the market completely.
Perhaps in other markets trust is the issue but whatever the cause, the now largest demographic of people in this country is statically contributing little to the ongoing real estate/mortgage economy. Take a good look, listen to the video and let me know what you think. I suspect the answer is lot more complicated than people think, and perhaps more complicated that even millennials realize.