According to a new report from the Brookings Institution, Millennials—which the report defines as being born between 1981 and 1997—now make up a quarter of the country’s population, 30 percent of the voting age population, and nearly two-fifths of the working-age population.
The Brookings Institution looked at the group through many lenses, including homeownership rates, education, and poverty. Analysis of U.S Census data shows an increasingly diverse generation: 55.8 percent are white and nearly 30 percent are what the authors called “new minorities,” namely Latino, Asian, and those identifying as two or more races.
A study by TD Bank showed that more than 50% of Millennials have moved within the past two years, compared with 23% of Generation X (ages 35-54) and 15% of those 55 and older.
In terms of banking behaviors, Millennials are less likely to open a new primary account after moving than any other generation. However, of those Millennials who did change their primary bank accounts after moving, 22% reported choosing their bank based on branches that are close to work. This is very different than the 55+ group, where 64% choose their bank based on proximity to home.
Millennials also put a higher emphasis on finding new local amenities like grocery and drug stores when preparing to move than Gen X and those 55 and older.
According to Realtor.com, older millennials (aged 25 to 34) make up 13.6% of the US population but 30% of the current population of existing-home buyers.
As millennials continue to enter the housing market, the hot spots are areas where inventory is generally more affordable.
Cities with highest growth in millennial population, 2010-2015
|City||Increase in millennial population|
|Cape Coral, Florida||11.70%|
Brookings Institution/U.S. Census Bureau
Businesses looking to reach this group can utilize the Dataman Group New Mover list, and select New Movers into their markets by age.