Wisconsin REALTORS® Association: Marital Status Generation Difference

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  4. Millennials are Marrying Later than Previous Generations

Millennials are marrying later in life than previous generations  

Marriage Generation Difference

In 2015, the Millennial generation became the largest numerical segment of America's workforce. In 2016, they will become the largest percentage of the workforce. Although Millennials have been slow to enter the housing market, the National Association of REALTORS® indicates that 91 percent of Millennials report that they want to get married and own a home. As they do so — and many have already bought homes — they will become the largest generation of homebuyers in American history. In the first edition of the Insights report, professor Steve Malpezzi of the James A. Graaskamp Center for Real Estate at the Wisconsin School of Business provides information and insights about your future customers. 

Martial status age 18-29

Along with age, marriage is one of the strongest correlators of homeownership, and Millennials have not been getting married as much as previous generations. While more young adults exist today — with 60 million in 2007 and now 63 million today — the number of young adult households has not budged, holding steady at about 25 million.
According to the Pew Research Center, Millennials are less likely than previous generations to connect marriage and child-rearing — one common prerequisite for successful life outcomes, according to research by Ron Haskins, Belle Sawhill and others. 

Richard Green and Pamela Lee report that after controlling for other determinants of homeownership like income and age, married couples are more likely to be homeowners; the difference between married and unmarried homeownership rates averages 22 percentage points. Even though marriage rates have declined over time, surveys suggest that marriage remains an aspiration for many Millennials. While they typically rank marriage somewhat lower in importance than previous generations, 70 percent of unmarried Millennials want to marry someday, and 74 percent of those without children want children eventually.


Source: Pew Research Center Marital Status 18-29

 

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