The need to appeal to Gen Y renters isn’t going away any time soon.
With student-loan debt hampering their opportunities for homeownership, this demographic will continue to hold sway on the apartment industry for years to come. There are currently more than 77 million Millennials across the nation, a number just about on par with Baby Boomers.
Nielsen Research’s latest whitepaper on Gen Y, Millennials–Breaking the Myths, details the factors that make it a distinct and unique generation, while debunking many common myths, as the demographic is often painted with the broadest of brushstrokes.
Some key findings:
- Those aged 18 to 27 have a median income of $24,973; meanwhile, older Millennials (28 to 36) make closer to $48,000.
- Currently, 36 percent of Millennials rely on parents for financial support.
- But there are some outliers; this generation makes up about 14.7 percent of Americans with assets of more than $2 million. And about 8 percent of Millennials own their own business.
- Washington D.C. is home to some of the most wealthy Millennials (those earning more than $100,000 per year), followed by San Francisco.
- Only 21 percent of Millennials are married.
- Millennials are the most racially/ethnically diverse generation: 19 percent are Hispanic, 14 percent are African American, and 5 percent are Asian.
- 62 percent of Millennials prefer to live in mixed-use communities.
- Green is still in. A whopping 60 percent of Millennials are willing to pay more for a product if they think it’s good for the environment.
-Linsey Isaacs is an assistant editor with Multifamily Executive magazine. Follow her on twitter @LinseyI to continue this conversation.