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PulteGroup Research: Millennials and Housing

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Get a sneak peek into PulteGroup's research findings on millennials and housing, "Myth Busting Millennials and Home Buying."

Published in: Real Estate
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PulteGroup Research: Millennials and Housing

  1. 1. Summary of Research Findings by PulteGroup
  2. 2. Key Findings • The largest, most ethnically and racially diverse generation who will shape the home buying market • Affluent millennials are not rejecting homeownership. They strongly desire home ownership but face real barriers – financial and delayed life-stages. In fact, 90 percent want to own a home and 55 percent already do. • Like other generations, they purchase based on life stage and are not rejecting the suburbs. While 71 percent of millennials see themselves in the suburbs for their next home, 29 percent plan to live in an urban setting IF they could find a product that meets their needs, financial and otherwise. 90% Want to Own a Home
  3. 3. Key Findings (cont.) • Student loans ARE delaying affluent millennials purchase, but it’s not the only reason. 47 percent of millennial renters agree that paying off student loans has delayed their home purchase, but there are other reasons for the delay, including 67 percent who say what they want is out of their price range. • There is a significant mortgage qualification education opportunity we face as an industry. Ultimately, many millennials want what they can’t afford – it’s the reality of real estate!
  4. 4. Key Findings (cont.) Personal profile • 55 percent are currently homeowners while 39 percent currently rent and 6 percent live with friends/family • 38 percent have children • 74 percent have already partnered up. Financial profile • Affluent millennials have an average income of $105,000 • 87 percent are employed full-time • 67 percent of them are full-time dual incomes Educational profile • They are highly-educated with 63 percent of them graduating from college • 37 percent having a post-graduate degree Are already partnered up 74% 55% Are current homeowenrs
  5. 5. Opportunities to Capture Affluent Millennials • Introducing Urban Styling to Our Suburban Offerings – architecture, interiors, community design • Gramercy Park, Garland, TX • Communities with an Easy and/or Shorter Commute • Silicon Valley: Metro in Milpitas, CA • Urban Infill Communities in Large Metro Markets • Cambria Square, Alexandria, VA • Affordable Options • SouthField, South Weymouth, Massachusetts, Former Naval Yard in Boston Area

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