Millennials and Real Estate

abode-987096_640Owning a home is one of the great American dreams, but something is happening within the millennial generation.  What used to be a coveted accomplishment, homeownership, is not something has is being put off for years.  From a personal perspective, one might think this is an excellent “financial conscience” move.

However, this decision is happening across millennials and is one that does not just affect the individual, but the economy has a whole.

When you look at the basics of economics, supply and demand are what makes the world go round.  When a consumer purchases a good, in this case, a house, money is put back into the economy.  When people decide to save their money and spend less, the economy feels it.

Because Millennials are waiting longer and longer to purchase homes and instead choosing to rent or even live with parents is causing a significant shift in the real estate market.

The glut of homes is feeling the hit, and there is more supply than demand is some areas.  This is good for property investors as the property values are on the downturn, but for the economy and those in real estate it can seem slim pickings to find a qualified buyer.

Why are millennials waiting to buy homes (don’t forget to check out last week’s post, Sooner and Later)?  The main reason is that the job market is spars and college graduates are finding it hard to get a job.  Combine that with overwhelming school loan debt, and you have individuals not able to qualify for home buying.

The rise of college loan debt and consumer credit card debt with college students is outrageous and is affecting our economy as the whole.

Another reason that could be contributing to millennials not purchasing a home early on is they are only not settling down as their proceeding generation.  The normal age of marriage for millennials is early to mid-30 instead of the beginning of the twenties.  For a single person, renting an apartment or home is an easier more free method of living.

Why would they want something as permanent as owning a home if they don’t know where they will be in a year because they have not settled down.

It is something to consider and a way the millennials are set apart from the previous generation like the baby boomers.

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Post-Millennials: Sooner and Later

entrepreneur-1340649_640The Post-Millennial generation, or Gen Z, is a group that has the potential (and some would argue, the built in task) of stabilizing our culture and helping it to progress to the next revolutionary generation epoch needed to continue to evolve our world.

Gen Z is a generation that will be more involved in the technology of our world in a hands on, practical way, than perhaps any generation before it.

As tech as has progressed over the last thirty years, the last few generations (for the most part) haven’t had much more than a cursory understanding of how things work enough to create their own versions the way that Gen Z will have.

The millennial generation has had the entitlement to technology and its benefits, but has had very little in the way of the development of said technologies.

This will have a profound effect on Gen Z, which will lead to further innovation of current technologies, as well as fine tuning and perfecting in a very real way that goes beyond the product reviews and wish lists more congruent with their millennial parents.

For those in power and looking to stay there, the primary focus should be to push for more creative education as it relates to technology development. A push towards the sciences has been attempted a few times in the past (with mixed results, at best), but a push towards the understanding of how to turn existing tech into something new and practical, as well as furthering things by perfecting what is now.

It is Gen Z that has the greatest potential to be a stabilizing element, as things are made safer, smarter, ad more user friendly.

Join us next time as I discuss one of the last “Gen Z” epochs of American culture: the 20th century post war generation.

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Understanding the Post Millennial Age: What Has Come Before

First, let me thank the reader for diving into the information presented here; stay with me, you might leave with some insight!

Let us begin with what the post-millennial generation, or “Generation Z” if you’re so inclined, is (I will use the term Gen Z as it is easier and more efficient to type than post-millennial, not because I am a fan of the “everything must have a cool sounding name” trope).

Gen Z are the scions of the 21st century in a way that their parents are not:

  • Gen Z is more detached from the conventions of the late 20th century than their parents who were raised at the culmination of a marketing experiment that brought the age of consumerism into what is now almost deeper than many organized religions
  • Gen Z is a generation more likely to be invested in the process of making things work (and therefore understanding the why and how things work rather than simply expecting technology to answer to their every whim) and improving on the foundations already laid down
  • Gen Z is thought by many to be the ‘builders’ generation rather than their millennial ‘founder’ parents, more likely to stabilize, adapt, and innovate than their somewhat entitlement drove parents who caused disruption to change the cultures from the ground up

As with everything today, our world continues to be impacted by ever-evolving technologies in every area of the imagination; particularly as it relates to how we view and interact with the world around us.

As Gen Z comes into its own, they will be a generation akin in many ways to the post-depression era of the US; a generation that builds on the vision of the previous one to move humanity forward.

In my next post, I will talk about how Gen Z is likely to help our culture stabilize at a crucial time in our history, and how influencing this generation is critical to further the agendas of those who hope to be calling the shots decades from today.

Check out this cool lil tune!

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