William Landesman: Are Millennials Ruling the Coachella Valley Real Estate Market?

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When it comes to searching for homes on the internet, they are. Born between the early 1980s and the early 2000s, they are referred to as ‘Generation Y.’ They are generally known for their increased use and aptitude for digital media and communications. But not only. A 2013 Pew Research poll found that 84% of millennials favored the legalization of marijuana. Regarding their place in the workforce, a University of Florida study found that these individuals place a strong emphasis on meaningful work, finding a creative outlet and have a preference for immediate feedback. Additionally, they value the importance of work-life balance and are leading a shift towards public service and volunteerism.

Do these characteristics and traits sound like people you know in the Coachella Valley?

They might be your children, nieces and nephews, colleagues or neighbors. And they are showing a strong interest in the Coachella Valley real estate market.

According to a study by Realtor.com, millennials aged 25-34 make up the largest age demographic of prospective home buyers (24%) followed by those aged 35-44 (23%). Combined they make up nearly half of today’s buyer pool. Among the top 60 metropolitan areas by household count, the metros which saw the largest shares of older millennial listing views compared to the national rate (the “Millennial Index”) included Salt Lake City, Miami, Orlando, Seattle and Houston. Within these cities, the share of older millennial views were approximately 1.2 times larger than their share nationally.

Because the information above focuses on metropolitan areas by market definition, millennial ‘hot spots’ in broader metro areas (i.e., Brooklyn, NY) are not always included. As it turns out, the number one zip code search (in listing page views) by the older millennial demographic is the Coachella zip code of 92236, followed by Downey, CA and then Brooklyn, NY.

To see what homes these millennials are looking for, download my FREE real estate app ‘Palm Springs Home Search’ via the Apple App Store or Google Play: https://homestack.com/a/palmspringshomesearch

William Landesman is the exclusive agent representing the Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, La Quinta, California real estate market as a member of the Haute Residence Real Estate Network. Contact him here!

Image courtesy of William Landesman

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