3 Big Myths About Millennials Buying Homes

There is lots of misinformation out there about Millennials and home buying—we’re tackling some of the biggest myths…

Would you believe us if we told you that Millennials are buying more homes than any other generation? What if we told you they were buying more houses than any other generation for the fourth year in a row. NAR’s 2017 Home Buyer and Seller Generational Trends study reports that that’s exactly what’s happening, with Millennials making up 34% of homebuyers, compared to 30% of Boomers. LendingTree says that on average 36.1% of all their mortgage requests come from Millennials, a slight increase from the year before.

But if you thought that no Millennials were buying houses, you’re not really to blame. Headlines spreading myths about Millennial homeownership are common. According to the chief marketing officer at the Zillow Group, “That myth that Millennials don’t want to own things is not true…Millennials are not just starting to buy homes; they’re powering the housing market.” Nine percent of 18-34-year-olds told us that they bought a home, apartment, or townhouse with their own money during 2016 alone. So what other Millennial home buying myths need to get busted? We’re tackling three big ones:

1. They’re buying avocado toast instead of houses.

Millennials have been publicly scolded for wasting their money on avocado toast instead of buying houses—but how realistic is that accusation? One Australian millionaire mogul has now infamously declared that their frivolous spending on “smashed avocados” and coffees has kept the generation from home ownership. Not so fast. According to MSN’s calculations, “at a minimum of $8 a place, it would take giving up 4,900 toasts just to afford a down payment on a median-value home in the U.S.” Meanwhile, stats from the Food Institute…

 
 

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The Newsfeed

“I observe holidays and religion-based traditions but am more connected to it as a culture than as a religion.”—Female, 27, MA

Chinese youth have a “selfie obsession” that’s changing beauty standards and creating a new tier of celebrity. The Influencer Effect is full blown in China, where young consumers are beautifying their selfies via filter apps like Meitu and plastic surgery—all in the quest to look more like wang hong, their internet celebrities. One influencer, HoneyCC, argues that “Selfies are part of Chinese culture now, and so is Meitu-editing selfies.” But some say the trend is pushing the population to become more homogenous by favoring certain features, and headlines have lashed back against the whitening of skin prevalent in social apps. (The New Yorker)

Eighty-one percent of Bustle, Romper, and Elite Daily’s Millennial readers say social media is the best way for advertisers to reach them. Bustle’s latest questionnaire also found that 40% of their 18-34-year-old readers prefer Instagram for brand communications, followed by trusted websites, email, and online articles. Some other fun insights: Over half believe that a company should give back, instead of just turning a profit, and 49% think “companies should do more to protect the environment.” (Adweek)

Drug use is down among teens—except when it comes to marijuana and vaping. From the 1990s to 2017, the percentage of teens who said they’d been drunk dropped from 46% and 58%, and those reporting they’ve smoked cigarettes from 26% and 17%. However, marijuana use increased for the first time in seven years in 2017, while vaping is up as well, with at least 19% of high school seniors, 16% of sophomores, and 8% of eighth-graders saying they’ve vaped in the past year. (LATimes)

Two modern dating shows are coming to Facebook Watch. The first “unscripted dating show” from SoulPancake, Love & Longitude, is shot on iPhones and shows two potential love interests’ relationship blossoming across FaceTime, social media, and other digital interactions. The second dating show from Machinima, Co-Op Connection, plays into the esports craze. One bachelor gets to pick his partner based on their personality—and their skills at the videogame, PlayerUnknown’s Battlegrounds. (tubefiltertubefilter)

Some cities are past their “peak Millennial” populations, as the generation increasingly finds new digs in the suburbs. Boston, Chicago, and Los Angeles all reached their highest Millennial population in 2015, and New York and Washington D.C. are showing slowing Millennial growth, according to U.S. Census data. Meanwhile Chicago’s suburbs and others have seen an uptick in their young adult populations—another Millennial myth debunked. Which urban centers are still attracting the demo as they age up? “Tech hubs” like Seattle and San Francisco. (Time)

“Crochet and knitting are very relaxing, therapeutic, and have tangible results."—Female, 31, AL

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