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
Median Age of the Population in Every Country
How do countries around the world compare in terms of age? This compelling visualization shows the median age for every country in the world.
The Median Age of the Population in Every Country
View the full-size version of the infographic by clicking here
With a few notable exceptions, the world is rapidly aging.
Today’s infographic, which was shared by Bill Gates on Reddit, shows this incredible explosion in age and how different countries contrast with one another on this demographic metric.
While aging populations in Europe, North America, and Asia stand out on this type of visualization, it’s also important to look at the negative space. In both South America and Africa, populations are still quite young, with Africa getting younger and younger.
Note: The infographic is grouped based on U.N. regional classifications, and lumps Central America, the Caribbean, and South America as one demographic region.
The Oldest Countries
Which countries are the outliers in terms of global demographics?
Let’s start by taking a look at the oldest countries in terms of median age.
|#2 (t)||Germany||45 years||Europe|
|#2 (t)||Italy||45 years||Europe|
|#4 (t)||Greece||44 years||Europe|
|#4 (t)||Bulgaria||44 years||Europe|
|#4 (t)||Portugal||44 years||Europe|
Japan takes the cake for the oldest population and it’s joined by a host of European nations.
The following countries tied for the #7 spot, which is just off of the above list: Austria, Croatia, Latvia, Lithuania, Slovenia, Spain, and Bermuda. All of these places had median ages of 43 years, with Bermuda being the only non-European state of this group.
It’s worth noting that some smaller countries appear to be excluded from Gates’ infographic. As we showed on our last chart covering the subject of median age, which uses a different data set, the small city-state of Monaco (which has a population of just 39,000 people) actually has the highest median age in the world at 53.1 years.
The Youngest Countries
Now, let’s take a peek at the world’s youngest countries in terms of median age.
|#1 (t)||Chad||14 years||Africa|
|#1 (t)||Niger||14 years||Africa|
|#3 (t)||Afghanistan||16 years||Middle East|
|#3 (t)||Angola||16 years||Africa|
|#3 (t)||Burkina Faso||16 years||Africa|
|#3 (t)||Mali||16 years||Africa|
|#3 (t)||Somalia||16 years||Africa|
|#3 (t)||South Sudan||16 years||Africa|
|#3 (t)||Uganda||16 years||Africa|
The youngest countries globally are Chad and Niger with a median population age of 14 years. Both are located in Sub-Saharan Africa.
The only non-African country is war-torn Afghanistan, where the median age is 16 years.
A variety of countries tied with a median age of 17 years old, which puts them just off of the above list. Those countries include: Benin, Burundi, Ethiopia, Madagascar, Malawi, Nigeria, Tanzania, Zambia, Yemen, and Timor-Leste.
More Context on Aging
Want to get an even better idea of what the world looks like as it ages?
To get a sense of change over the coming decades, it’s worth taking a look at this animation that shows median age projections with a focus on Western countries all the way until the year 2060.
Map: Visualizing 40 Years of Nautical Piracy
Ever since humans first sailed the high seas, piracy has been a dangerous risk. See instances of modern piracy on this detailed map.
Map: Visualizing 40 Years of Nautical Piracy
View the full-size version of the infographic by clicking here
For millennia, voyaging on the open seas has been a dangerous and risky endeavor.
Between the powerful forces of Mother Nature and self-made obstacles stemming from human error, there is no shortage of possible calamities for even the bravest of sailors.
But for most of human history, perhaps the biggest fear that sailors grappled with was that of piracy. A run in with such marauders could lead to the theft of valuable cargo or even possible death, and it’s a threat that carries on even through modern times.
Hotbeds of Modern Piracy
Today’s map comes from Adventures in Mapping and it aggregates instances of piracy over the last 40 years based on the database from the National Geospatial-Intelligence Agency.
It should be noted that all individual events can be seen on this interactive map, which is what we will use to look at current hotbeds of piracy in more depth below.
1. The Strait of Malacca
The Strait of Malacca is one of the world’s most important shipping lanes, and also one of the most notorious.
A key chokepoint that sits between Malaysia and Indonesia, the Strait of Malacca is as narrow as 25 miles wide while also seeing a quarter of the world’s traded goods shipped through it every year. As a result, the strait and surrounding area are a frequent target for modern piracy.
Example account: (September 2002)
“The 1,699-ton Malaysian-flag tanker (NAUTICA KLUANG) was hijacked 28 Sep at 0300 local time while underway off Indonesia in the vicinity of Pulau Iyu Kecil at the southern tip of the Strait of Malacca. The pirates, armed with guns and machetes, tied up the crew and locked them in cabins. When the crew freed themselves at 0900, 29 Sep, the thieves had transferred the ship’s cargo of 3,000 tons of diesel oil, damaged communications equipment, and renamed it (CAKLU). “
2. The Horn of Africa
When many people think of modern piracy, they think of the coast of Somalia. While those waters are often avoided, the nearby areas can be just as problematic.
In particular, the Bab el Mandeb strait, which connects the Red Sea to the Indian Ocean, is a target for modern piracy. Similarly, the waters just off of Yemen are quite treacherous as well.
Example account: (January 1991)
“Somali pirates attached MV Naviluck off Somalia, killing three Filipino crewmen and setting fire to the vessel. Three boatloads of armed Somali pirates boarded the vessel on 12 Jan 91 took the crew ashore and killed three of them. The captain said the vessel was attacked off Xaafuun while on her way from Mombasa to Jeddah. He declined to specify the cargo. The surviving crew were made to jump overboard, and were later rescued by M Stern TRLR Dubai Dolphin.”
3. The Gulf of Guinea
While we hear the most about Somalian pirates, the Gulf of Guinea that sits south of Nigeria, Benin, Togo, and Ghana in West Africa is also a well-known hotbed.
Tanker theft of petroleum products being shipped to and from Nigerian refineries is rampant, creating an ongoing concern for companies operating in the region.
Example account: (June 2013)
“On 13 June, the Singapore-flagged underway offshore supply vessel MDPL CONTINENTAL ONE was boarded and personnel kidnapped at 04-02N 008-02E, approximately 7 nm southwest of the OFON Oil Field. Two fiberglass speedboats, each with 2 outboards engines, each carrying 14 gunmen in wearing casual t-shirts and no masks, launched an attack. The pirates were armed with AK47’s. After stealing personal items and belongings, four expat crew were kidnapped (Polish Chief Engineer) and three Indians (Captain, Chief Officer, and Bosun).”
4. The Caribbean
The Caribbean has a longstanding history with piracy – and while things have died down considerably since the peak, there are still isolated incidents that occur, especially with yachts.
Most incidents happen off the coast of Venezuela, or in and around the islands on the eastern side of the sea, such as Trinidad & Tobago, Barbados, and Grenada.
Example account: (March 2016)
“On 4 March, near position 13-16N 061-16W, several gunmen boarded a yacht anchored at Wallilabou in southwestern St. Vincent. During the course of the boarding, a German citizen aboard the yacht was killed and another person was injured. Authorities are investigating the incident.”
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