The millennial generation (ages 20-35) is often viewed as the primary source of why the world is constantly evolving. The digital age is taking over and technology is becoming more prevalent. What does mean for the mortgage industry and housing market?
The housing market has been steady over the last few years and customer confidence is high. Living at home with parents or relatives is the most common living arrangement among millennials right now, but not because they necessarily want to. With a fear of commitment, on top of other roadblocks (like crippling student loan debt), millennials aren’t looking to purchase homes right out of college.
How can this change?
Over 50% of millennials up to the age of 29 don’t have a credit card or a substantial amount of credit to purchase housing, cars, etc. It’s imperative to educate millennials and younger generations on financial responsibility, so they aren’t stuck in an unescapable rut when the time comes to purchase their first home.
- Be personable
Although younger generations steer towards online and social platforms of businesses, they still prefer to talk to a human if they need help or have questions. It’s important for Loan Officers and other industry educators to be a resource for millennials when they need it.
- Save time
Millennials tend to gravitate toward a simplified way of doing things. By offering more ways to purchase homes and educational tools, the mortgage industry stands to see gains.
Since millennials are purchasing homes later than usual, they have made an impact on the housing market overall. The digital age is changing the way people are shopping for loans and homes, but time has always brought change to certain industries.
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