Millennials are now searching for a home to turn into a family nest, while baby boomers are looking for a place to downsize. These two dynamics are starting to play out at both the low- and high-end of the real estate market.
Millennials are commonly defined as those currently between the ages of 22 and 37. While baby boomers are those born in the mid-20th century. Millennials typically prefer urban living while boomers prefer suburban living. However, preferences are now shifting. According to the Pew Research Center Studies millennial households spiked to 28 million in 2016, a steeper increase than any other age group. In the same year, over one million millennial women become first-time mothers. Once children are in the picture, there are now “family needs”. Which leads these new parents to move into a more residential, family-oriented area. The majority of these millennials expect to purchase a home in the next five years and over half of them are in the market for the first time.
Baby boomers, on the other hand own nearly $13 trillion of U.S. real estate—or two out of every five homes in the country, according to a Fannie Mae report. However, that is predicted to change due to the pull of rentals and senior facilities, and when retirement creeps in and children move out. While buying smaller properties may sustain the high rate of baby boomers’ home ownership, the altogether departure from it might already be underway. Baby boomers are said to be the fastest growing segment of renters. Studies show that baby boomers’ homeownership has slumped in 34 of the nation’s 50 top markets from 2010 to 2017.
Even though Millennials and Boomers are looking for different things when it comes to real estate. They both have a major impact on the real estate market since combined they make the majority of the clientele and play out at both the low- and high-end of the real estate market.
Are you looking to buy, or do you know someone who is? I would love to talk to you about the homebuying process, what to expect, and guide you in the right direction. We also cater to Spanish speaking clients. My assistant Andrea Roman is fluent in Spanish so if you have any referrals that speak Spanish, please send them our way.
Click the link below to visit our website and read more about the Seattle King County home Team:
I would like to take this time to thank and CONGRATULATE my buyers, sellers and investors for the month of MARCH!
3/28/2019 Tiffany and Eric Bell
3/28/2019 Michael and Misop Lessard
3/29/2019 Chloe Yester
Happy Home ANNIVERSARY to my seasoned clients for the month of APRIL!
4/11/2011 Charlie and Melissa Liu
4/19/2012 Rick and Monica Ioset
4/04/2013 Charice Pennie
4/26/2013 Omar and Amanda Vega
4/04/2014 Catherine Kayo Yoshimoto
4/11/2014 Whitney Showalter
4/16/2015 Neil William Cates
4/28/2015 William C Chamberlain and Alice Katrina May
4/04/2016 Jeannie Shek
4/08/2016 Rebekah Cason and Vikram Sami
4/14/2017 Pamela Curlee
4/21/2017 Craig and Robin Ware
4/28/2017 Sarah Getter
4/06/2018 Nick Musso
4/25/2018 Jon Butler
If you know of anyone looking to buy or sell, please email me and I will gladly assist them. You will receive a $250 Amazon gift card at closing. Thank you for your trust.