Mortgage brokers like Owemanco have identified a worrisome trend that shows that millennials are accepting minimalism in their choice of homes. Although downsizings shouldn’t cause us to worry too much, a trend that will shrink sales and dwindling income should cause worries. And right now, it is happening with somewhat global acceptance without respect for geographical location or country.
Who are millennials?
They are teenagers, young people in their twenties and thirties, people born in the 80s, 90s and early 2000s! They are also called generation Y kids, following closely the children dubbed generation X of 60s and 1980! They are reason real estate e-commerce is trending and changing the old ways of the real estate market.
The downsizing trend in property ownership is following much other minimalist culture growing among your people. They want to start a family later or not at all, they are moving from local areas to cities and prefer small apartments and always on the move. As a mortgage broker, think of everything imaginable; you will find millennial at the center of it.
What is causing millennial to downsize even more than baby boomers?
Until now, young people always aim to outdo their forebears! Young people want to move from semi-detached house to mansions; they want to see the world, get married, raise children and maintain a happy family. In public life, they want to challenge the existing order and create a paradise on earth. This was the path young people before now followed until the millennial is rewriting history for the mortgage broker to follow.
There are so many reasons why millennial are downsizing more than baby boomers, some of the Reasons are discussed as follow:
A real global village world system is achieved at their time. Millennial are also called technology children or generation because, at their time, the world attains real technology evolution where many things previously treated as science fiction are a reality. Thus, their desire to be mobile is possible because of technology. With just a gadget, the world is on their palm!
Care for the environment
They live their desire for a safe environment by action! They don’t talk of desertification and want to setup paper mill factory that will deplete what they fight so hard to improve. More advanced technology means a better environment.
There is global economic challenge causing a great recession that the world is in complete denial of its reality. Financial problems are forcing millennial to spend less as they think more of conserving and maximizing the little they have.
Riches to a millennial are not the number of cars, houses or landed properties he has; it is in virtual wealth. Millennial wealth management idea is investing in faraway lands; they would instead take their investment into the cloud and work for its growth than sinking money into the oil field with attendant social, political and economic consequences that increase the population of the have-not and put the wealth in the hand of a few.
Choice of living
Millennial wants to live in the city and will pay more if they have to. They want smaller and smart homes. They want a home that is an embodiment of civilization with everything they need right there! They are not interested in something self-limiting; they want a lifestyle that makes it easier to move without looking back for a possible, big loss!
Why will I need a big car when I can borrow; this wasn’t pronounced in baby boomer time, but millennial can now get whatever luxury good they need by hiring it modern wealth management pursuit.
Millennial have grown to know the wisdom of living within their means. This was alien to older generations who don’t even know about real estate e-commerce during their time. This minimalist appeal is the reason why millennial are downsizing than baby boomers.