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December 2012

Money Making Millennials


Despite what you’re hearing about the un or under employment level of Millennials, don’t discount them as potential homebuyers.  Millennials, also known as young adults under age 35, or Gen Y, can be broken up into two categories. Within these two categories may be homeowner prospects, including those who have made it into the ranks of young professionals with $100,000 or more in household income, and those who are still enjoying and spending Mom and Dad’s wealth.

A recent AdvertisingAge article, which builds from Digitas' 2011 report, Affluence in America, takes a closer look at Gen Y consumers and their approach to luxury. The article maintains that Millennials possess the most current and potential spending ability on luxury items, and could even begin outspending boomers. Digitas reports that the wealthy members of Gen Y are driven by an expectation of affluence, along with the lifestyle that accompanies that wealth.

This may mean that Millennials still at home with affluent Mom and Dad will begin using their parent’s assets to acquire their own properties, or that those Gen Ys who have worked hard to establish household incomes over $100,000 may soon begin looking to purchase their first home. Either way, this article suggests that Millennials not only have the potential to influence family purchases, but may also become a large group of homeowner prospects in the near future. Read more…