Millennials are generally defined as those born from 1980 or 1981 to 2000. Recent studies by UCLA and the University of Michigan showed an increase in the proportion of students who consider wealth a very important attribute, from 45% for Baby Boomers to 70% for Gen Xers, and 75% for Millennials. This is not a surprising concern, given that millennials have benefited the least from the economic recovery following the Great Recession, as average incomes for this generation have fallen at twice the general adult population's total drop and are likely to be on a path toward lower incomes for at least another decade.
Some studies predict that Millennials will switch jobs frequently. Newer research shows that Millennials change jobs for the same reasons
as other generations — namely, more money and a more innovative work
environment. Millennials also have similar career aspirations to other
generations, valuing financial security and a diverse workplace just as
much as their older colleagues
Most millennials prioritize flexibility over money. They care more about engaging work and receiving solid mentorship than many senior leaders are giving them. If they aren't getting it, they leave to find greener pastures -- and in case you haven't been paying attention, big companies like Google are creating very enticing pastures.
High housing prices, the rising cost of higher education, and the
relative affluence of the older generation are among the factors driving
the trend among millennials to delay some adulthood rites of passage such as marriage or buying a house.
Census figures show that the share of 18-34 year-olds who are married
is 30%, down from 47% in 1983. Just 29% of them live with children,
compared to 39% three decades ago. Since more people in the age range
are single and childless, Trulia looked at the number of homeowners who
are also identified as the head of their households. After adjusting for
these population shifts, the share of people under 35 years old who own
homes is the same as it was for 1997.
Standard Census data, which
aren't adjusted for these factors, show that the ownership rate among
those younger than 35 has declined to 36.2% from 38.6% in 1997. Slightly
less than 65 percent of the country owns a home, down from a peak of
69% in the middle of 2006.
Principally, jobs and student debt have impacted millennials' ability to purchase homes. By contrast, Trulia found that homeownership really lags among a
different age bracket: the middle-aged. After adjusting for demographic
changes, it found that their ownership rate was the lowest since 1976, a
clear casualty of the housing bust.
So can we expect homeownership to pick up again as millennials marry and start families? or is this a new "normal" for the housing market?
What do you think, dear reader?