Millennials – defined as born between 1981 and 1996 – are now the second-largest generation in the U.S. following the Baby Boomers. In fact, the number of millennials at prime home buying age will crest at 29 million in the next six years… three million more than the Baby Boomer generation presented the marketplace in 1987 (when K&A launched its Home and Building Products practice).
This gives millennials enormous buying power in today’s home and construction product categories. According to a survey in April 2019 by Bank of America/Merrill Lynch, 64 percent of millennials reported they were “extremely,” “very” or “somewhat likely” to buy a house in the next two years – up significantly from 53 percent in 2018. Millennials, however, are entering the market at a time when current homeowners are staying in their homes longer, wage growth remains challenging and many buyers are saddled with student debt.
Many first-time homebuyers are turning away from ‘McMansions’ and large suburban dwellings of the past few decades and rather, in the direction of homes that are more efficient and better connected. Smart home technology – that helps homeowners automate functionality, control costs and mitigate crises from a distance – is often considered more valuable than an additional bedroom, garage or turret.
In this new White Paper, Kleber & Associates will help home builders and product manufacturers better understand the trends currently impacting first-time homebuyers… as well as what current prospects are looking for in their new home.
Download this free resource to learn how to grow your businesses by adapting designs and products to better fit the needs and lifestyles of the “Busy Generation.”