Financial skills, desire for change key strengths of young generation, NorthPine Land says
MILLENNIALS, or the generation of people born from the early 1990s to the early 2000s, are the “perfect homebuyers” due to their desire for change and good financial skills, developer NorthPine Land Inc. (NLI) said.
Citing a number of studies, NLI said that the tech-savvy nature of millennials is attributable to their being born at the same time as the “digital world” began to grow rapidly.
“They [millennials]are the age group who developed incredible skills and knowledge about sparking awareness for change and moving society at large through their fingers, offering the world a whole new perspective on business, lifestyle, education, politics and even consumerism,” NLI said in a statement.
“Millennials are definitely ones to watch out for,” NLI added.
NLI said a number of characteristics of the generation make millennials the “perfect homebuyers.”
“They are money-wise and risk-takers at the same time,” the developer explained. “Although the group, particularly the younger people among them, are commonly described as passion-emboldened individuals, millennials are believed to have better budgeting skills.”
NLI added that given the millennials’ preference to set goals, giving them “a good orientation on real estate investment” would encourage many of them to invest in property.
“Many millennials are actually saving up for goals they have set for themselves,” NLI explained, citing a 2016 market report by Ameritrade. “Purchasing a home and preparing for a good retirement are worthy reasons for saving. As a permanent home is a form of retirement comfort, property investment sounds like the next best move.”
The same assessment of millennials’ financial orientation has been previously noted, the developer said, citing an August 2016 article, “The Financial Future Doesn’t Look So Bleak For Millennials After All,” which asserted, “Millennials are also uncomfortable and unhappy with the idea of not being able to afford something that they want… Rather than accepting that they cannot afford something, Millennials are far more likely than other generations to set a savings target and buy what they want when this target is reached.”
NLI also believes that a main driver of millennials’ decision-making is a desire for change in society and in their own lifestyles.
“With the internet open to all, voicing out opinions and desires for transformation is a click away,” NLI said. “This makes the millennial generation open-minded and aggressive in their goals.”
This goal orientation and strong desire to make tangible progress in one’s own life are attitudes that make millennials open to purchasing real estate, NLI said.
“The yearning for change and achievement are strong enough to make home buying a commitment” for millennials, NLI added, pointing out that the current strong economy and earning power of young professionals was also an advantage.
“This generation of young professionals and start-up families is definitely the most suitable buyer of real estate property. The 20-something post-graduates are eager to save early for financial security and produce visible investments. Start-up families from newlyweds to households with little children have the inevitable need to live independently. With such needs and goals, owning a house remains a wise decision,” the developer concluded.