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

“My generation feels entitled and is less willing to put in hard work to get the results they want.”—Female, 17, VA

CoverGirl is getting a marketing makeover to impress Millennials. The brand is changing up their slogan for the first time since 1997, with “Easy, Breezy, Beautiful Covergirl” getting traded for “I Am What I Make Up.” To go along with the new tagline, an inclusive lineup of new CoverGirls will debut the revamped brand—from 69-year-old Maye Musk to pro motorcycle rider Shelina Moreda. Finally, products will be taking on the Less is More trend with “sleeker, more minimal black and white packaging” and a logo to match—a familiar branding makeover move. (Racked)

Riverdale’s recent premiere pulled impressive ratings, especially among young adults—and the show may have Netflix to thank for it. The Archie-remake grew in popularity by 67% from last winter’s premiere and 140% with women under 35. But it gained the most ground with teens, jumping an impressive 467% from last winter’s premiere, making it the most popular show from The CW among teens since The Vampire Diaries in 2012. The show’s presence on Netflix during the off-season may have helped attract young viewers, allowing them to binge the series and get addicted on their time—The Binge Effect at work. (Vulture)

Essential oils are the latest wellness trend to gain traction, appealing to Millennials’ desire to ease anxiety. The most stressed generation to date is turning to little vials of “something between a perfume and a potion” to calm their minds and remedy simple sicknesses. Companies aren’t missing the opportunity to capitalize on the growing demand. Two major brands, Young Living and doTerra, “have more than three million customers apiece, and a billion dollars in annual sales.” (The New Yorker)

The majority of teachers say that life skills are more important to success today than academics. According to research out of the U.K., more than half of teachers believe so-called “’soft’ skills,” including perseverance, the ability to problem-solve, and communicate effectively are more important than “academic knowledge and technical skills.” Unfortunately, institutions often focus on test scores instead of “social and emotional learning, or character.” The good news is groups are pushing for change and “teaching ‘character’ is taking hold everywhere.” (Quartz)

Throw that “Me, Me, Me Generation” stereotype out the window, because Millennials are probably not any more narcissistic than previous generations. (Sorry, Time Magazine.) A report published in Psychological Science compared students from a ‘90s study with students in the 2000s and 2010s and found that today’s youth are “at best” equally as self-involved as young people of the past, and may actually be less narcissistic. The professor who led the study reports, “The kids are all right. There never was a narcissism epidemic, despite what has been claimed.” (Uproxx)

“My love of video games and knowledge of technology and streaming naturally eased me into the world of esports.”—Female, 23, FL

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