Research Shows Millennials May Follow In Parents' Footsteps

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When people think of millennials some envision coddled, overeducated college grads snapping selfies and drinking lattes. As the recession has waned and more have moved into the job market, many have noted the growing trend towards urbanization that millennials tend to be fond of. While this may be currently popular among these young-adults, research shows that many millennials see themselves ending up where their parents were: living in the suburbs, having a spouse and children and commuting to work and activities by car.

While today only 30 percent of millennials are married, that number is expected to grow to 64 percent in the next five years. These newly wed millennials are also intent on raising families, as nearly 55 percent plan on having children in the next five years (a jump of nearly 20 from today’s numbers).

With these growing families comes a growing need for space. Currently, eight out of 10 millennials either already own or plan to purchase a home at some point in their lifetime. The number of households headed by millennials is expected to grow to 21.6 million by the year 2018. Despite an apparent move away from automobile use, nearly 88 percent of millennials still use a private automobile as a mode of transportation once a week or more. A large part of this is probably attributed to the fact that, as a country, the United States has far fewer communities that support alternative modes of transportation. While the average non-mortgage debt amount for millennials is roughly $50,000, nearly 79 percent expect their situation to improve within the next five years. 

 

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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