Every article you read these days about the economy in big and small town America usually mentions the largest group affecting every aspect of the national financial system today…millennials.
So, who are these people that seem to have the greatest influence on our nation today?
Well, for one, millennials are persons born in the U.S between the 1980’s and 2000’s. They are now considered the largest piece of the U.S. population and make up approximately one third of our nation’s residents.
There are three things that make this generation unique from all of the others that came before them.
One characteristic of this large group of people is that they are the first generation to have grown up with technology at their fingertips. Think about it. They have never had to do research without the internet, drive to a destination without a navigation system and they have always had Google to turn to when they don’t know the answer to a trivia question.
How did we survive without Google?!?!?!
The two other traits of millennials include being the most educated generation to date and that they are more diverse than any other generation in history.
All three of these features are right up Austin’s alley…internet, education and diversity!
Austin is greatly affected by the millennial generation, according to a recent Bloomberg report. The report said that the millennial population in Austin has expanded by more than 26 percent between 2000-2014 and that Austin has the largest amount of residents aged 20-34 in the nation at almost 27 percent.
These statistics demonstrate why millennials have become the driving force behind Austin’s real estate market, job market and economic growth.
Having recently been named in Forbes as the No. 4 Best Cities for Jobs in 2015, Austin continues to rise to the occasion and provide the economic stability and quality of life that millennials and others are looking for in a metropolitan area.
While Austin isn’t as affordable as some other areas in the nation, our neighboring cities like Round Rock, Pflugerville and Cedar Park continue to be inexpensive options for the Austin workforce.
Additionally, the most recent boom in the Austin real estate market has been the multifamily housing market because millennials are trending towards not purchasing real estate until much later than their predecessors.
Overall, Austin is and will continue to be a great place for the millennial generation to live, work and play!! We have so much to offer and our city’s eclectic personality creates an extensive and diverse atmosphere for anyone who calls Austin home.
Since Austin has the largest group of millennials in the nation, here are some other interesting facts about this generation that was put together by The Council of Academic Advisors in October 2014:
- Millennials are now the largest, most diverse generation in the U.S. population.
- Millennials value community, family, and creativity in their work.
- Millennials have invested in human capital more than previous generations.
- College-going Millennials are more likely to study social science and applied fields.
- As college enrollments grow, more students rely on loans to pay for post-secondary education.
- Millennials are more likely to focus exclusively on studies instead of combining school and work.
- As a result of the Affordable Care Act, Millennials are much more likely to have health insurance coverage during their young adult years.
- Millennials will contend with the effects of starting their careers during a historic downturn for years to come.
- Investments in human capital are likely to have a substantial payoff for Millennials.
- Working Millennials are staying with their early-career employers longer.
- Millennial women have more labor market equality than previous generations.
- Millennials tend to get married later than previous generations.
- Millennials are less likely to be homeowners than young adults in previous generations.
- College-educated Millennials have moved into urban areas faster than their less educated peers.
Regardless of whether you are a millennial or not, if you or someone you know is interested in buying or selling real estate in the Austin area, please contact Kathleen Bucher at 512.794.6644 or KathleenBucher@mac.com. It would be an honor to earn your business!