Wisconsin REALTORS® Association: Workforce Participation

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Workforce participation, unemployment and loan debt affect different Millennials differently

Millennial Workforce

The Millennial consumer

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. 

Workforce participation rates for Millennial workers is declining 

National workforce participation rates are dropping for younger workers and rising for older workers. As a result, just over 1 million Wisconsin Millennials are estimated to be in the workforce at the moment.
National Workforce Participation Rates Millennials
Source: U.S. Bureau of Labor Statistics

Annual earnings, 25- to 29-years-olds (2011 income)

If earnings of college graduates have yet to fully recover, 25- to 35-year-old workers with some college but without a four-year degree took the biggest hit and are still hurting: $640 in 2007, only back to $560 today. High school and below started low and stayed low: $527 in 2007, and $500 in 2015. Data on unemployment rates show qualitatively similar patterns. The unemployment rate for 25- to 34-year-olds who hold a bachelor's degree or higher is currently 2.5 percent. The corresponding rate for 25- to 34-year-olds with an associate degree is 3.3 percent; with some college but no degree is 6.6 percent; with high school only is 7.9 percent; and less than a high school diploma is 11.2 percent.   
Workforce Participation Rates Millennials

 Source: Georgetown Public Policy Institute.

Total student loan balances by age group

Annual new student borrowing peaked in 2010 because of a combination of lower enrollments and lower propensity to take a loan if enrolled. Furthermore, most borrowers have a current balance below $25,000. Recent annual default rates are slightly over 3 percent; and combining recent and past defaults, about 11 percent of loans outstanding are in default and another 6 percent are delinquent. Forty-six percent are current on the loan but not yet repaying principal, and 37 percent are current and actively paying down. 

The New York Fed research did not have data on the current income of borrowers but did show that defaults are concentrated among borrowers living in low-income zip codes. The immediate and direct effect of student loans on the ability to purchase a home appears to be concentrated among the small minority of college students who borrow large sums and fail to graduate.

 Total Student Loan Balances By Age Group

Source: New York Fed Consumer Credit Panel / Equifax.

 

 
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WRA classroom policy

  • Check-in opens 30 minutes before class (may vary depending on location).
  • Late students are not allowed into class.

WRA cancellation and refund policy

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  • The WRA reserves the right to cancel the course or event if not filled. Should a course be cancelled, registration fees will be refunded in full.
  • Student cancellations must be in writing prior to the start of the course or event and will be refunded minus a $25 cancellation fee. Some conferences and conventions have additional cancellation and refund restrictions.
  • Registrations cannot be transferred between students or attendees. 
  • Sales pre-license attendance policy: Attendance is mandatory. Missed hours must be made up and cannot be made up until conclusion of the classroom portion of the course. All make-ups must be completed within seven days after the conclusion of the classroom portion of the course. An individual will not receive a certificate of completion for the course until missed hours are completed. An absence of more than two days will result in termination of enrollment in the course with an option to attend the course at a later date or transfer to a distance learning format, which may involve a transfer fee. If absence results in termination of enrollment, no refund will be issued. 
Distance learning programs
  • Sales and broker pre-license students have six months from the date of registration to complete the course.
  • Student cancellations for distance learning programs must be in writing within two weeks of registration and prior to accessing the course work. Students will be refunded minus a $25 cancellation fee.
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  • Registrations cannot be transferred between students.

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 Technical colleges

  • Returns may be made for a 100 percent credit if made within 30 days of purchase. There will be a 15 percent restocking fee on returns made after 30 days but before 60 days from the date of purchase. No credit will be given on orders 60 days or older or on outdated materials. Technical colleges will be notified of pending publication changes 60 days prior to publication. All products must be returned in reusable condition. 
Special events (WRA Annual Convention, REALTOR® & Government Day, etc.):
  • Special events including the ones listed above may have additional cancellation restrictions. Consult event details on event webpage(s) for policy information. 

Extension policy

  • If additional time is needed to complete a pre-license course, WRA students can purchase a 30-day extension for $30. Pre-license extensions are available for students up to 6 months from expiration date, and multiple 30-day extensions are permitted. 

The WRA reserves the right to revise these policies at any time without prior notice. 

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