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Millennials are Buying Their First Homes, and Here’s What They Want

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Millennials are Buying Their First Homes, and Here's What They Want

Millennials are Buying Their First Homes, and Here’s What They Want

Authorities disagree on the exact birth years of the Millennial generation: for example, Pew Research defines Millennials as being born between 1981-1997, the US Census Bureau claims 1982-2000, and the National Association of Realtors says 1980-1995.

However, what all these same sources agree upon is that the Millennials are the largest and most powerful demographic force in North America.

In the United States specifically, Millennials account for a quarter of the entire population with a total of 83.1 million people in the demographic. This is a group that makes up the next generation of investors, continues to struggle with mounting student debt, thinks about money differently, and is now buying homes for the first time.

Marketers in all industries have tried to nail down the preferences of Millennials for some time. Millennials have made things especially more difficult for the real estate industry, as they have delayed common life milestones such as marriage, having children, and home ownership. It is only over the last few years, as Millennials have started to buy homes in significant numbers, that the industry has truly understood what the group wants to see in a home.

Millennial home buyers make up 68% of all first-time home buyers right now, and here’s their average profile: 29 years old, a median income of $76,900, and a typical home purchase (median) of $189,900 for a 1,720 sq. ft home. Of these buyers, 84% believe a home to be a good investment.

Where do Millennials want to buy? About half of the cohort (49%) wants to buy in the suburbs, while 21% would prefer to buy in an urban area. In terms of choosing a specific neighborhood, the most-cited factors affecting Millennials’ decisions were the quality of neighborhood (75%), convenience of getting to job (74%), affordability of home (58%), proximity to friends and family (49%), and quality of the school district (44%).

Today, 32% of all home purchases are made by Millennials, but the reality is that many are still holding off on buying. The major reason for that is student debt, which 54% cited as the biggest obstacle to home ownership. In fact, about one-quarter of all Millennials still live with their parents.

Other reasons cited for not owning a home yet? They include: excessive debt, rising rents, slowing wage growth, tight-lending environment, can’t find home in desired price range, increased college enrollment, and delayed marriage/children.

Original graphic by: UpNest

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Demographics

Mapped: Population Growth by Region (1900-2050F)

In this visualization, we map the populations of major regions at three different points in time: 1900, 2000, and 2050 (forecasted).

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Map of Population Growth by Region

Mapping Population Growth by Region

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In fewer than 50 years, the world population has doubled in size, jumping from 4 to 8 billion.

In this visualization, we map the populations of major regions at three different points in time: 1900, 2000, and 2050 (forecasted). Figures come from Our World in Data as of March 2023, using the United Nations medium-fertility scenario.

 

 

Population by Continent (1900-2050F)

Asia was the biggest driver of global population growth over the course of the 20th century. In fact, the continent’s population grew by 2.8 billion people from 1900 to 2000, compared to just 680 million from the second on our list, Africa.

Region190020002050F
Asia931,021,4183,735,089,7755,291,555,919
Africa138,752,199818,952,3742,485,135,689
Europe406,610,221727,917,165704,398,730
North America104,231,973486,364,446679,488,449
South America41,330,704349,634,344491,078,697
Oceania5,936,61531,223,13357,834,753
World 🌐1,627,883,1306,149,181,2379,709,492,237

China was the main source of Asia’s population expansion, though its population growth has slowed in recent years. That’s why in 2023, India surpassed China to become the world’s most populous country.

Southeast Asian countries like the Philippines and Indonesia have also been big drivers of Asia’s population boom to this point.

The Future: Africa to Hit 2.5 Billion by 2050

Under the UN’s medium-fertility scenario (all countries converge at a birthrate of 1.85 children per woman by 2050), Africa will solidify its place as the world’s second most populous region.

Three countries—Nigeria, Ethiopia, and Egypt—will account for roughly 30% of that 2.5 billion population figure.

Meanwhile, both North America and South America are expected to see a slowdown in population growth, while Europe is the only region that will shrink by 2050.

A century ago, Europe’s population was close to 30% of the world total. Today, that figure stands at less than 10%.

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