Wisconsin REALTORS® Association: Millennials First-time Homebuyers

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  2. What REALTORS® Should Know
  3. By the Numbers
  4. Millennial Workforce
 

There are more than three-quarters of a million Wisconsin Millennials in the first-time buyer category with more on the way.

First-time Home Buyers Millennials

By the numbers

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.

Millennials born in Wisconsin of workforce age, 1996-2014

Millennials are generally described as being born from around 1980 or 1981 to 1997, give or take a year. Today their age is around 18 to 34 plus or minus a year. Wisconsin has about 1.5 million Millennials, representing about 26.6 percent of the state’s population. This chart shows how the Millennial population has grown to become a large part of Wisconsin's  potential workforce over the past decade. Millennials Born Workforce Chart 1996-2014Source: Wisconsin Department of Health

 

Percentage of Millennials in 2013

The most recent census estimates by age category are for 2013, and the census category closest to common definitions of Millennials is age 20 to 34 years. In 2013 by this definition, 21 percent of the U.S. population was Millennials, and Wisconsin’s share was 20 percent. Within Wisconsin, six counties have 24 percent or more Millennials: Dane, Dunn, Eau Claire, La Crosse, Milwaukee and Portage. At the other extreme, six counties have 12 percent or below: Bayfield, Burnett, Florence, Iron, Price and Vilas. Percentage of Millennials 2013Source: U.S. Bureau of the Census  
 

Millennial population share comparable to surrounding states

Wisconsin’s 26.6 percent Millennial population share is comparable to surrounding states, but it should be noted that Wisconsin’s 26.6 percent equals 1.5 million, while Illinois’ 27.6 percent equals 3.5 million people. There are more three quarter million american millennials Source: www.governing.com
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