In the 20th century, most first-time home buyers were married couples in their 20s looking to begin a family. The changing lifestyle of today’s millennial generation has caused a major shift in this profile that you should be aware of.
According to data compiled by Zillow, today’s average first-time home buyer is 33 years old and single. Compare that to the late 1980s, when 52 percent of first-time home purchases were made by married couples. This is mainly due to the tendency of millennials to delay life decisions such as getting married and starting a family.
The good news for real estate professionals? While the median income of modern first-time buyers is around $54,000, these individuals are committing a greater share of their income to purchase more expensive homes, as much as 2.6 times their income.
Hey Wait!? This is Tech Tuesday! What has this got to do with Technology?
Here’s the Tech Part … Are you Marketing where Millennials are? Where 34 year old Single Adults congregate. Start using “Today’s Social Media” … Instagram, Nextdoor, Pintrest to connect and relate
Start using tools like Walkscore.com, that rates a Properties “Walkability” to Restaurants, Shopping, Coffee, and other Lifestyle choices … or … Spatial Match, which is an IDX, designed to associate where a home is with where a Consumer’s favorite places are, right there in the Map Search …
These 2 tools are both available as Free, and sometimes Premium, add on’s to your personal website or WordPress Blog (Which, BTW should be the same, but that is for another video)
Be where the conversations are and offer tools that they want .. What a novel concept!
Get on the Tech Train and start increasing your income