Millennials are now the largest generation in the world, and they are shaping everything from the housing market to consumer trends, according to the Pew Research Center. The ever-growing age cohort’s spending power is expected to reach $1.4 trillion annually in 2020, according to Accenture; as they have started to settle down and form families of their own, according to the National Association of Realtors, they have also become one of the most active generations of homebuyers in the nation. .
As real estate developers, builders and land owners compete for millennials’ spending power and better understand their buying motivations, they will need to determine which amenities are a must-have to generate loyalty to an area and long-term ROI.
Reprinted courtesy of Travis Waldrop, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.