Biggest Real Estate Myth
Millennials NOT driving Housing Market Demand!
Perhaps the biggest MYTH (dare I say LIE) in the current US Housing Market is that this generation of Millennials are interested in, or able to, purchase homes. Realtors, real estate investors, and mainstream financial press outlets like the Wall Street Journal all have a hand in spreading this myth.
Biggest Real Estate Myth
But looking at hard data from the US Census Bureau reveals a very different reality. One where real estate demand from young adults in America is dwindling. And where Millennials simply don’t have the finances to be able to afford buying a house.
Consider this: the number of 25-44 Year Old Households in America in 1990 was 42 Million. Today that figure is 43 Million. Basically ZERO GROWTH in real estate demand is coming from young adults. Meanwhile, Seniors and Baby Boomers are occupying an increasing share of the Housing Market.
At the same time, and perhaps relatedly, Millennials / Young Adults are saving roughly the same amount today that they were in the late 1980s ($3-5k for the typical Millennial), While savings has stagnated, the down payment required to by a home has tripled, from $5k in 1989 to over $15k in 2021.
The third indicator of declining Millennial Housing Demand is the tremendous decline in the number of marriages and births in America. Way fewer households today are married with children. That’s a big problem for the US Real Estate Market, because it’s ultimately family formation and children that provide the biggest incentive for a young couple to become a first time home buyer.
The combination of 1) Lower Millennial Housing Demand, 2) Deteriorating Millennial Finances Relative to Down Payments, and 3) Declining Marriage and Birth Rates suggests that rathe than supporting the Housing Market, Millennials are BOYCOTTING it.
Biggest Real Estate Myth
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There is also another undisputed factor in the ranking of websites. That factor, is the amount of unique specific content published on the website. So, it’s pretty hard for a two year old or a five-year-old or for that matter a 10-year-old website out rank a 23-year-old website that has 2 to 4 times the content.
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Sure as a real estate professional in San Diego California, you most probably have a website. But take a look at it take a look at the traffic you’re generating from that website. From my own analysis the majority of San Diego real estate websites just generate a couple of hundred unique views per month. To even have a chance of gaining one new client you need tens of thousands of unique views.
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Just like most major businesses, the easiest way, and the fastest way to expand your business and influence in your particular market is through strategic acquisition. Just look at Google, they are the number one search engine in the world! Google bought Youtube in November 2006 for US$1.65 billion! YouTube now operates as one of Google’s subsidiaries.
www.brokerforyou.com is for sale and is offered with a very popular San Diego residential real estate channel with 1.17K subscribers and 97 videos!!
Interested, call Bob Schwartz (619) 286-5604 for additional information
