Baby boomers rank highest among many home builders' key customer targets, but millennials are becoming a growing force in the housing market (and shattering stereotypes in the process). Dallas Morning News staffer Steve Brown examines the dilemma builders face as to which end of the demographic barbell to focus on.
Consultant Mitch Levinson points out that--contrary to myths that say they gravitate exclusively to urban areas--millennials do want to move to the suburbs:
“They have a larger nest egg than most of the other generations had at their age,” he said. “They want to live in the city, but many of them can’t so they live in the suburbs.”
But on the other hand the boomers still have the power of the the purse, as Pennsylvania builder Tim McCarthy puts it:
“They are substantially better off financially than the rest of America,” he added. “They are going to dominate the housing market.”