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Millennials continue to delay committing to buy a home

MIAMI – Aug. 8, 2016 – Millennials as a demographic are characterized by many things, not the least of which is their tendency to wait on the purchase of a home. Some have blamed tighter lending conditions, while others have cited a difficult job market, underemployment and/or stubbornly low wages.

But one other theory holds that, having witnessed the real estate boom gone bust of the late 2000s lay waste to lifetimes of hard work and financial discipline for so many, some Generation Yers are “gun-shy” about making the leap to homeownership.

Finally, another theory being put forth mostly by developers is that there has been a paradigm shift and that millennials are simply looking for something different out of life. Billionaire real estate mogul Jeff Greene is among them.

He states, “Millennials are much more interested in experiences than things – they would rather climb a mountain than buy five extra pairs of jeans.” The result in many markets is that Gen Y’ers are leading a growing demand for more efficient, affordable living quarters located close to city and community amenities.

Greene recently proposed a 12-story, mixed-use project in West Palm Beach, Fla., featuring 400 “micro” units, each only about 450 square feet in size. This project will offer people the chance to enjoy a brand-new, state-of-the-art building with the convenience of downtown living.

Source: Miami Herald (08/07/16) Dosen, Ryan

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