Study Shows “Millennials Deserve More Credit”

One thing I really enjoy about selling real estate in southwest Florida is the variety of people I am able to work with.  Last week we talked about baby boomers and how they are retiring and should put their money into a home purchase not renting and this week we are talking about the other end of the scale the millennials.  Both of these age groups are my customers as well as all the other age groups in between.  Naples is a wonderful place to retire and enjoy your lifestyle after a life of hard work but it is also a place to come and find a job to do that hard work that will allow you to retire one day.  Our service industry is our main employment opportunity and it takes a lot of workers to keep the retirees happy!  Naples is a wonderful place to relocate and start a family.

Courtesy of Keeping Current Matters 2018

Study Shows "Millennials Deserve More Credit" | MyKCM

When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light.

A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that:

“Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives.”

Here are some key takeaways from the study proving that millennials deserve more credit for what they are already doing:

  • 63% are saving – (47% have $15,000 or more in savings)
  • 54% are budgeting – (73% who have a budget stick to it every month)
  • 57% have a savings goal – (67% who have a goal stick to it every month)
  • 46% have asked for a raise in the past 2 years – (80% who asked for a raise got one)
  • 59% feel financially secure – (16% have $100,000 or more in savings)

Many have wondered if millennials even want to own their own homes or if they would choose to rent instead. Well, not only do they want to own their own homes, but many already do and are looking to trade up! A recent study by shows that 49% of Americans who plan to sell their home in the next 12 months are millennials!

Danielle Hale,’s Chief Economist, gave some insight into why millennials are looking to sell,

“The housing shortage forced many first-time homebuyers to consider smaller homes and condos as a way to literally get their foot in the door. Our survey data reveals that we may see more of these homes hitting the market in the next year.”

Bottom Line

Not every millennial fits into the stereotypes that are so prominent in our society. Those who have risen above the stereotype are ready and willing to buy a home of their own, and many others already have!

Remember it is always toasty in Naples and you deserve your piece of Naples sunshine and a home of your own no matter what your age!

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