If you don’t know what Millennials are, you’re probably not one and not annoyed with one – This is the generation of human beings that were born between 1981 and 2000 AD. One reason why this age group is so significant to market research studies and medical studies and social studies is because they are our largest demographic. And not just that, but India’s millennial demographic is now the largest in the world.
There exists an unfortunate narrative that revolves around how millennials are ruining our economy by not buying homes and not having families (therefore households) in those homes, but the narrative barely acknowledges the contributions of millennials today. This generation is just now getting started, and their majority proportion of the population generates activity in various industries including real estate and housing and continues to do so.
1. Millennials are All Grown Up
Millennials head up millions of household all over India. While the traditional joint family does still exist in places, most families are now nuclear and generally consist of 2 generations. While the number of households may not match with the number of millennials, it would be wise to keep in mind that the average age of a Millennial is 23. Along with economic downturns and the resulting financial pressure, this is certainly no reason to expect them to have a house and a household by age 23. It does not reflect on their personal desires and ambitions, and it does not mean they play no role in supporting the economy. In fact, millennials tend to represent the largest number of serious shoppers.
2. Millennials have Begun to Start Families
Yes, millennials are family planning, and they need houses to live in. A significantly large percentage of the millennial population are buying homes because of a change in their families, whether it was marriage, children, or family planning. For many, it was the fact that their families were growing. Although due to financial constraints a good number chose to flats for rent in pune, for example, over buying a house in Mumbai. This is one of the strongest signs that the fuddyduddies of the world were wrong about this generation. Millennials moved right from university graduation to an unfavorable and inhospitable job market and suffered greatly from unemployment despite being overqualified for many jobs. Thankfully, the situation has shifted in recent times. No longer are Millennials are as significantly unemployed as they used to be.
3. Students are Working through their Student Debt
A major cause that many people consider, or rather, forget to consider, when thinking about why millennials don’t buy stuff as much as everybody else is the sharp rise of student fees. Though this may technically be true, the high level of education of millennials actually readies them for a future career and opportunities. In this case, this debt can almost be seen as an asset. For many millennials actually, the amount owed by them and/or their family is manageable as the number of jobs and payments increase. To most everybody else, Millennials are younger and only now getting started on their life’s path. However, they have gained much in other areas while job hunting. Many have found careers on social media to pursue seriously. Combined with this entrepreneurial spirit and tech savvy, millennials are set to take over the world.
Today, we are on the brink of watching millennials soar to their potential. Contrary to popular belief they really are helping the economy as best as they are able to, and when the job market changes to finally make room for them, their economic opportunities should be strong and steady. By the time this occurs, millennials will represent an even larger portion over industries, and their desire to start families will again, drive them towards purchasing a home.
The author of this article loves articulating her thoughts related to the real estate industry.