What is the Deal with Millennials?

Brokerages are currently being challenged in their efforts to capture a commanding share of what some in the industry are trying hard to classify as a "Millennial land rush." The fact of the matter may be that the current situation may not constitute a land rush at all, but rather a generation playing out its unique developmental destiny.

The industry's conference and literature environments are currently awash with presentations and articles about the consumer behaviors of the 80 million Americans between the age of 18 and 34 that comprise what is generally known as the Millennial generation. While much of the information that is being shared is simply a rehash of extremely limited professional and previous offerings, there is one new publication that meets everyone's five star test of relevancy, accuracy and power.

Last week, the Pew Research Center, a unit of the Pew Charitable Trusts, issued what is probably, at this point in time, the definitive report regarding the Millennial Generation and their current interactions with the housing industry.

The Pew Charitable Trust is an independent non-profit, non-governmental organization (NGO), founded in 1948. With over $5 billion in assets, its stated mission is to "serve the public interest by improving public policy, informing the public, and stimulating civic life." It is, by any criterion, an amazing fountain of knowledge that matters.

The Pew report is entitled More Millennials Living With Family Despite Improved Job Market. The report contains a revealing analysis of U.S. Census Bureau data regarding this increasingly important demographic. For real estate professionals seeking to effectively work with this group, the following insights will be essential.