Hispanic Millennials & Housing
Nielsen recently released their report “Millennials – Breaking the Myths” and today I want to focus on the information reported about Hispanic Millennials.
Of the 77 million Millennials, 19% are Hispanic. This group (age 18-36) is the most racially and ethnically diverse than any previous generation. According to this report, Nielsen expects the Hispanic population to grow by 167% by 2050.
Millennials are 14% first generation, and 12% second generation Americans, keeping strong ties to their home country, culture and language. For example:
1. 63% of the Millennials feel it is their responsibility to care for an elderly parent, according to Nielsen: “this is partially tied to the ethnic diversity of the generation. Typically ‘Hispanic and Asian Americans’ have cultural expectations that elderly family members will be cared for by the younger generations.”
This can help you to understand why when a Hispanic Millennial is looking for a home, they are requesting that extra bedroom.
2. 65% of Hispanic Millennials are U.S. Born and are more bilingual than other generations
In 2003, 34% were Spanish dominant, 44% English dominant, 22% bilingual
In 2013, 31% were Spanish dominant, 31% English dominant, 38% bilingual
“Today, the bilingual Hispanic is the dominant group within these Millennials.” According to this report, this is telling us that “Hispanics are choosing to speak more Spanish and maintain cultural ties.”
Where are they looking for homes?
This report revealed “62% of the Millennials prefer to live in the type of mixed-use communities found in urban centers where they live in close proximity to a mix of shopping, restaurants and offices. This is the first time since the 1920s where the growth in U.S. cities outpaces growth outside of the cities. And, 40 percent say they would like to live in an urban area in the future.
The “American Dream” is transitioning from the white picket fence in the suburbs to the historic brownstone stoop in the heart of the city” and the markets with a major concentration of Millennials reflect this desire:
Top 10 markets for Millennials (by %):
Austin, TX (16%)
Salt Lake City, UT (15%)
San Diego, CA (15%)
Los Angeles, CA (14%)
Denver, CO (14%)
Washington, DC (14%)
Houston, TX (14%)
Las Vegas, NV (14%)
San Francisco, CA (14%)
Dallas-Ft. Worth, TX (14%)
Do you have an urban center in your market place? If you already know that 40 percent say they will like to live in an urban area in the future. Are Hispanic Millennials a part of your business plan?