Millennial mirage: The markets most affected when millennial housing patterns mirror those of previous generations
Millennials are on every real estate investor’s wish list, especially apartment investors, and for good reason. They are today’s largest demographic cohort, at 87 million compared with the 76 million baby boomers. Highly educated, with 60 percent being college educated compared with 46 percent for the baby boomers, this makes the millennial generation even more attractive.
Millennials are driving apartment demand
Millennials are now in the prime renting age range of 18–34. In addition, they are getting married later and having children later. While 48 percent of baby boomers were married when they were the same age as millennials today, only 26 percent of the current generation is married, increasing renter demand, according to the Pew Research Center report Millennials in Adulthood. Marriage and children are contributing factors to homeownership decisions, as married 25–34 year olds make up 49 percent of first-time homebuyers but only