Millennials, long believed to dwell only in the land of eternal youth and parental basements, are beginning to emerge, as predicted in 2014, as a major force in the real estate market … at least in Des Moines.
According to today’s report on NPR, Des Moines’ strong insurance and financial sectors, coupled with affordable housing and an educated workforce are leading these young, first-time homebuyers to the oft-promised American Dream: homeownership.
While this trend conflicts with the nomadic stereotypes foisted on an entire generation, other assumptions remain consistent. These new homebuyers are selecting homes closer to urban hubs than their parents, primarily to avoid that other American Dream: driving.
If this trend continues, millennials might not only be poised to breathe new life into several U.S. industries, including the housing market, insurance and possibly aiding the revival of America’s great cities.
So what’s the secret recipe for industry leaders, and especially real estate pros, looking for a way to capitalize on the millennials as industry saviors? A strong education base, plenty of affordable urban housing and a growing employment sector seem to be critical to this trend.
Looking out my own window into the world, I’ve got to wonder if Philadelphia‘s time to shine has finally arrived. With its solid university options, ample affordable housing and robust insurance industry poised for dramatic expansion in the next five years, the City of Brotherly Love and papal visits might well be poised for a renaissance of its own thanks to this emerging trend.