According to the Pew Research Center, millennials, also called Generation Y, are the largest generation in the United States at 72.2 million people, followed by the Baby Boomers and Generation Z. Millennials are born between 1981 and 1996. Critical events like the 9/11 attacks, the Great Recession, and the internet explosion have shaped Generation Y’s characteristics and values.
Millennials are the first generation to have grown up with high usage of and familiarity with the internet, mobile devices, and social media. The digital comfort of the millennials is far more than any other generation before them. They are tech-savvy and appreciate a complete online shopping experience, including shopping for their dream home.
Millennials do not believe in the previous home buying traditions and are willing to explore and research before making significant decisions like purchasing a home. With that said, millennials are the target audience for most companies today, including realtors. Marketers are looking for new and innovative ways to capitalize on this massive audience. Millennials value experiences more than material goods, and this understanding will undoubtedly have a positive effect on targeting this growing audience. Millennials make up 40 percent of the real estate market today, and most of them were first time home buyers.
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