Could Millennial Homeownership Be on The Rise?

September 27, 2016
Could Millennial Homeownership Be on The Rise?

A recent Fannie Mae report analyzed U.S. Census data of 20- to 33-year-olds from 2006 to 2014. It followed different age groups through the boom (2006–08), bust (2008–12), and recovery years (2012–14). The fear of commitment of buying a home with a partner could be one of the reasons many younger folks don’t own the roof over their heads—along with rising prices, high student debt, and hard-to-get credit. As a digital marketing agency knowing who to target and when is crucial to campaign success, being able to narrow down and be ultra-specific about demographics and branding is why we are a leading industry agency. Cotton & Company has lived through the down-turn and survived. We understand real estate and how it resonates with age groups.

“It’s true a good share of millennials were missing in action during the early recovery—but not for lack of interest,” says Javier Vivas, realtor.com®‘s manager of economic research. “Older millennials, ages 25 to 34 in particular, have had a few years of steady income, enough to establish credit and save for a down payment, big impediments that still haunt younger millennials.”

Despite the impediments of student loans, credit accessibility and fewer lower-priced starter homes, millennials are still going to buy homes. They might just do it at a later age. That’s because as individuals get older, they’re getting married and having children, which often leads to the longing for a place to call one’s own—maybe with a backyard! And the economy is faring better than it did during the crisis, he says, so many of these buyers are making more money and have more stable employment than they did in the dark days of the financial crisis.

This long term search and discover is why consistent branding and quality digital marketing is of utmost importance. Hitting your demographic early and often and on multiple fronts will result in brand recognition as well as keeping the younger folks dreams alive with hope of owning in your community when they reach that stage in life. Cotton & Company combines 30 years of luxury real estate marketing experience with the intellect of its digital savvy, forward-thinking real estate advertising professionals. Contact us for more information or digital marketing advice.