The popular stereotype of millennials–spendy and impractical–is just that–a stereotype–according to a recent survey of millennial first-time homeowners.
Not everyone would agree with the survey’s findings. “This generation is watching the Kardashians and thinking that’s normal — thinking owning a Bentley is normal,” says a certain Australian millionaire, himself a millennial, whose opinions about his generation’s hedonism recently got him his fifteen minutes, and whose “Instagram account is flooded with images of scantily-clad models, yachts, helicopters and popping champagne bottles” according to a recent USA Today online posting.
Whoa! Talk about a role model!
But according to Better Homes & Gardens, millennial homeowners aren’t much different from previous generations of homeowners. They believe in homeownership, and they’re willing to sacrifice for it. Two in three own tired, functionally obsolete starter homes. Three in four do some degree of do-it-yourself around the house. Nine in ten are “very or extremely interested in learning about home repair and home improvement projects”.
Typical millennial family puttering in the garden. If there’s avocado toast here, I’m missing it.
All this fits with my own observations. Have I met entitled millennials? You bet, along with entitled X-ers and boomers. The young home buyers I work with today aren’t much different from the young home buyers I worked with nineteen years ago–except that they have way more money. But then, they need way more money.
So where does the spendy, impractical label come from? From the eternal war between the generations.
copyright © John Fyten 2017