Markets
How Millennials are Changing the Housing Market
In the next five years, a whopping 66.1% of millennials are expecting to buy homes.
That kind of demand from the largest generation in American history certainly doesn’t go unnoticed – and it’s enough that it will help to shape the direction of the real estate industry itself.
Thinking Different
Each generation is different, so it’s no surprise that millennials have their own set of unique attitudes towards home buying.
Today’s infographic from Nationwide Mortgages takes a look at some of these differentiating factors, and provides some insight into how these preferences will create the drivers that ultimately affect the market as a whole.
It’s clear millennials are approaching the housing market in their own way that makes them unique from past generations. But what is it specifically that differentiates millennials in their attitudes and behaviors towards real estate?
Why Millennials Are Unique
As a group that grew up in the iPhone era, it’s obvious to say that millennials prefer to approach home buying in a more digital fashion, but they actually have other differences with Gen X and the Boomers that go much deeper.
To start, millennials much prefer to trust real estate agents than other generations. Only 8% of millennials did not use a realtor for their home purchases, while 13% of younger Boomers and 15% of older Boomers could say the same. Whether this is because of a lack of experience in the market, or because different attitudes towards agents, it’s hard to say.
Next, millennials associate buying a house with the American Dream at a higher rate (65.3%) than other groups. They do so even more than the Silent Generation (63.9%) – the group that grew up during World War II, and reaped the benefits of the post-war economic and housing booms.
Lastly, there are some other areas where millennials just have different preferences and attitudes towards owning a home. For example, they are less likely to define homeownership as permanent (11%), and consider their purchase only as a stepping stone towards the house they want (68% for millennials vs. 36% for all buyers). On top of that, they want very specific features in any home they buy – including things like new appliances, energy efficiency, big kitchens, home office space, proximity to work, and new technology in their homes.
Though some of the things that millennials want are treasured by other generations as well, millennials are having an impact on the industry just by the nature of their growing influence on the market. And for anyone that’s selling a house or making investments in real estate, this is a factor that should be taken into account.
Markets
Mapped: GDP Growth Forecasts by Country, in 2023
The global economy faces an uncertain future in 2023. This year, GDP growth is projected to be 2.9%โdown from 3.2% in 2022.

Mapped: GDP Growth Forecasts by Country, in 2023
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Since Russiaโs invasion of Ukraine early last year, talk of global recession has dominated the outlook for 2023.
High inflation, spurred by rising energy costs, has tested GDP growth. Tightening monetary policy in the U.S., with interest rates jumping from roughly 0% to over 4% in 2022, has historically preceded a downturn about one to two years later.
For European economies, energy prices are critical. The good news is that prices have fallen recently since March highs, but the continent remains on shaky ground.
The above infographic maps GDP growth forecasts by country for the year ahead, based on projections from the International Monetary Fund (IMF) October 2022 Outlook and January 2023 update.
2023 GDP Growth Outlook
The world economy is projected to see just 2.9% GDP growth in 2023, down from 3.2% projected for 2022.
This is a 0.2% increase since the October 2022 Outlook thanks in part to Chinaโs reopening, higher global demand, and slowing inflation projected across certain countries in the year ahead.
With this in mind, we show GDP growth forecasts for 191 jurisdictions given multiple economic headwindsโand a few emerging bright spots in 2023.
Country / Region | 2023 Real GDP % Change (Projected) |
---|---|
๐ฆ๐ฑ Albania | 2.5% |
๐ฉ๐ฟ Algeria | 2.6% |
๐ฆ๐ด Angola | 3.4% |
๐ฆ๐ฌ Antigua and Barbuda | 5.6% |
๐ฆ๐ท Argentina* | 2.0% |
๐ฆ๐ฒ Armenia | 3.5% |
๐ฆ๐ผ Aruba | 2.0% |
๐ฆ๐บ Australia* | 1.6% |
๐ฆ๐น Austria | 1.0% |
๐ฆ๐ฟ Azerbaijan | 2.5% |
๐ง๐ญ Bahrain | 3.0% |
๐ง๐ฉ Bangladesh | 6.0% |
๐ง๐ง Barbados | 5.0% |
๐ง๐พ Belarus | 0.2% |
๐ง๐ช Belgium | 0.4% |
๐ง๐ฟ Belize | 2.0% |
๐ง๐ฏ Benin | 6.2% |
๐ง๐น Bhutan | 4.3% |
๐ง๐ด Bolivia | 3.2% |
๐ง๐ฆ Bosnia and Herzegovina | 2.0% |
๐ง๐ผ Botswana | 4.0% |
๐ง๐ท Brazil* | 1.2% |
๐ง๐ณ Brunei Darussalam | 3.3% |
๐ง๐ฌ Bulgaria | 3.0% |
๐ง๐ซ Burkina Faso | 4.8% |
๐ง๐ฎ Burundi | 4.1% |
๐จ๐ป Cabo Verde | 4.8% |
๐จ๐ฒ Cameroon | 4.6% |
๐ฐ๐ญ Cambodia | 6.2% |
๐จ๐ฆ Canada* | 1.5% |
๐จ๐ซ Central African Republic | 3.0% |
๐น๐ฉ Chad | 3.4% |
๐จ๐ฑ Chile | -1.0% |
๐จ๐ณ China* | 5.3% |
๐จ๐ด Colombia | 2.2% |
๐ฐ๐ฒ Comoros | 3.4% |
๐จ๐ท Costa Rica | 2.9% |
๐จ๐ฎ Cรดte d'Ivoire | 6.5% |
๐ญ๐ท Croatia | 3.5% |
๐จ๐พ Cyprus | 2.5% |
๐จ๐ฟ Czech Republic | 1.5% |
๐จ๐ฉ Democratic Republic of the Congo | 6.7% |
๐ฉ๐ฐ Denmark | 0.6% |
๐ฉ๐ฏ Djibouti | 5.0% |
๐ฉ๐ฒ Dominica | 4.9% |
๐ฉ๐ด Dominican Republic | 4.5% |
๐ช๐จ Ecuador | 2.7% |
๐ช๐ฌ Egypt* | 4.0% |
๐ธ๐ป El Salvador | 1.7% |
๐ฌ๐ถ Equatorial Guinea | -3.1% |
๐ช๐ท Eritrea | 2.9% |
๐ช๐ช Estonia | 1.8% |
๐ธ๐ฟ Eswatini | 1.8% |
๐ช๐น Ethiopia | 5.3% |
๐ซ๐ฏ Fiji | 6.9% |
๐ซ๐ฎ Finland | 0.5% |
๐ซ๐ท France* | 0.7% |
๐ฒ๐ฐ North Macedonia | 3.0% |
๐ฌ๐ฆ Gabon | 3.7% |
Georgia | 4.0% |
Germany* | 0.1% |
Ghana | 2.8% |
Greece | 1.8% |
Grenada | 3.6% |
Guatemala | 3.2% |
Guinea | 5.1% |
Guinea-Bissau | 4.5% |
Guyana | 25.2% |
Haiti | 0.5% |
Honduras | 3.5% |
Hong Kong SAR | 3.9% |
Hungary | 1.8% |
Iceland | 2.9% |
India* | 6.1% |
Indonesia* | 4.8% |
Iraq | 4.0% |
Ireland | 4.0% |
Iran* | 2.0% |
Israel | 3.0% |
Italy* | 0.6% |
Jamaica | 3.0% |
Japan* | 1.8% |
Jordan | 2.7% |
Kazakhstan* | 4.3% |
Kenya | 5.1% |
Kiribati | 2.4% |
South Korea* | 1.7% |
Kosovo | 3.5% |
Kuwait | 2.6% |
Kyrgyz Republic | 3.2% |
Lao P.D.R. | 3.1% |
Latvia | 1.6% |
Lesotho | 1.6% |
Liberia | 4.2% |
Libya | 17.9% |
Lithuania | 1.1% |
Luxembourg | 1.1% |
Macao SAR | 56.7% |
Madagascar | 5.2% |
๐ฒ๐ผ Malawi | 2.5% |
๐ฒ๐พ Malaysia* | 4.4% |
๐ฒ๐ป Maldives | 6.1% |
๐ฒ๐ฑ Mali | 5.3% |
๐ฒ๐น Malta | 3.3% |
๐ฒ๐ญ Marshall Islands | 3.2% |
๐ฒ๐ท Mauritania | 4.8% |
๐ฒ๐บ Mauritius | 5.4% |
๐ฒ๐ฝ Mexico* | 1.7% |
๐ซ๐ฒ Micronesia | 2.9% |
๐ฒ๐ฉ Moldova | 2.3% |
๐ฒ๐ณ Mongolia | 5.0% |
๐ฒ๐ช Montenegro | 2.5% |
๐ฒ๐ฆ Morocco | 3.1% |
๐ฒ๐ฟ Mozambique | 4.9% |
๐ฒ๐ฒ Myanmar | 3.3% |
๐ณ๐ฆ Namibia | 3.2% |
๐ณ๐ท Nauru | 2.0% |
๐ณ๐ต Nepal | 5.0% |
๐ณ๐ฑ Netherlands* | 0.6% |
๐ณ๐ฟ New Zealand | 1.9% |
๐ณ๐ฎ Nicaragua | 3.0% |
๐ณ๐ช Niger | 7.3% |
๐ณ๐ฌ Nigeria* | 3.2% |
๐ณ๐ด Norway | 2.6% |
๐ด๐ฒ Oman | 4.1% |
๐ต๐ฐ Pakistan* | 2.0% |
๐ต๐ผ Palau | 12.3% |
๐ต๐ฆ Panama | 4.0% |
๐ต๐ฌ Papua New Guinea | 5.1% |
๐ต๐พ Paraguay | 4.3% |
๐ต๐ช Peru | 2.6% |
๐ต๐ญ Philippines* | 5.0% |
๐ต๐ฑ Poland* | 0.3% |
๐ต๐น Portugal | 0.7% |
๐ต๐ท Puerto Rico | 0.4% |
๐ถ๐ฆ Qatar | 2.4% |
๐จ๐ฌ Republic of Congo | 4.6% |
๐ท๐ด Romania | 3.1% |
๐ท๐บ Russia* | 0.3% |
๐ท๐ผ Rwanda | 6.7% |
๐ผ๐ธ Samoa | 4.0% |
๐ธ๐ฒ San Marino | 0.8% |
๐ธ๐น Sรฃo Tomรฉ and Prรญncipe | 2.6% |
๐ธ๐ฆ Saudi Arabia* | 2.6% |
๐ธ๐ณ Senegal | 8.1% |
๐ท๐ธ Serbia | 2.7% |
๐ธ๐จ Seychelles | 5.2% |
๐ธ๐ฑ Sierra Leone | 3.3% |
๐ธ๐ฌ Singapore | 2.3% |
๐ธ๐ฐ Slovak Republic | 1.5% |
๐ธ๐ฎ Slovenia | 1.7% |
๐ธ๐ง Solomon Islands | 2.6% |
๐ธ๐ด Somalia | 3.1% |
๐ฟ๐ฆ South Africa* | 1.2% |
๐ธ๐ธ South Sudan | 5.6% |
๐ช๐ธ Spain* | 1.1% |
๐ฑ๐ฐ Sri Lanka | -3.0% |
๐ฐ๐ณ St. Kitts and Nevis | 4.8% |
๐ฑ๐จ St. Lucia | 5.8% |
๐ป๐จ St. Vincent and the Grenadines | 6.0% |
๐ธ๐ฉ Sudan | 2.6% |
๐ธ๐ท Suriname | 2.3% |
๐ธ๐ช Sweden | -0.1% |
๐จ๐ญ Switzerland | 0.8% |
๐น๐ผ Taiwan | 2.8% |
๐น๐ฏ Tajikistan | 4.0% |
๐น๐ฟ Tanzania | 5.2% |
๐น๐ญ Thailand* | 3.7% |
๐ง๐ธ The Bahamas | 4.1% |
๐ฌ๐ฒ The Gambia | 6.0% |
๐น๐ฑ Timor-Leste | 4.2% |
๐น๐ฌ Togo | 6.2% |
๐น๐ด Tonga | 2.9% |
๐น๐น Trinidad and Tobago | 3.5% |
๐น๐ณ Tunisia | 1.6% |
๐น๐ท Turkey* | 3.0% |
๐น๐ฒ Turkmenistan | 2.3% |
๐น๐ป Tuvalu | 3.5% |
๐บ๐ฌ Uganda | 5.9% |
๐บ๐ฆ Ukraine | N/A |
๐ฆ๐ช United Arab Emirates | 4.2% |
๐ฌ๐ง United Kingdom* | -0.6% |
๐บ๐ฒ U.S.* | 1.4% |
๐บ๐พ Uruguay | 3.6% |
๐บ๐ฟ Uzbekistan | 4.7% |
๐ป๐บ Vanuatu | 3.1% |
๐ป๐ช Venezuela | 6.5% |
๐ป๐ณ Vietnam | 6.2% |
West Bank and Gaza | 3.5% |
๐พ๐ช Yemen | 3.3% |
๐ฟ๐ฒ Zambia | 4.0% |
๐ฟ๐ผ Zimbabwe | 2.8% |
*Reflect updated figures from the January 2023 IMF Update.
The U.S. is forecast to see 1.4% GDP growth in 2023, up from 1.0% seen in the last October projection.
Still, signs of economic weakness can be seen in the growing wave of tech layoffs, foreshadowed as a white-collar or โPatagonia-vestโ recession. Last year, 88,000 tech jobs were cut and this trend has continued into 2023. Major financial firms have also followed suit. Still, unemployment remains fairly steadfast, at 3.5% as of December 2022. Going forward, concerns remain around inflation and the path of interest rate hikes, though both show signs of slowing.
Across Europe, the average projected GDP growth rate is 0.7% for 2023, a sharp decline from the 2.1% forecast for last year.
Both Germany and Italy are forecast to see slight growth, at 0.1% and 0.6%, respectively. Growth forecasts were revised upwards since the IMF’s October release. However, an ongoing energy crisis exposes the manufacturing sector to vulnerabilities, with potential spillover effects to consumers and businesses, and overall Euro Area growth.
China remains an open question. In 2023, growth is predicted to rise 5.2%, higher than many large economies. While its real estate sector has shown signs of weakness, the recent opening on January 8th, following 1,016 days of zero-Covid policy, could boost demand and economic activity.
A Long Way to Go
The IMF has stated that 2023 will feel like a recession for much of the global economy. But whether it is headed for a recovery or a sharper decline remains unknown.
Today, two factors propping up the global economy are lower-than-expected energy prices and resilient private sector balance sheets. European natural gas prices have sunk to levels seen before the war in Ukraine. During the height of energy shocks, firms showed a notable ability to withstand astronomical energy prices squeezing their finances. They are also sitting on significant cash reserves.
On the other hand, inflation is far from over. To counter this effect, many central banks will have to use measures to rein in prices. This may in turn have a dampening effect on economic growth and financial markets, with unknown consequences.
As economic data continues to be released over the year, there may be a divergence between consumer sentiment and whether things are actually changing in the economy. Where the economy is heading in 2023 will be anyone’s guess.
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