1. Millennial Survey 2014

2. Survey Methodology 1,000 online surveys conducted in Aug 2014
Respondents: CA residents, age 18-34
Sample error: 3.1% at 95% confidence interval

3. Who is THE typical millennial?
Demographics

4. gen Y! echo boomers! generation next!
born
¾ have social networking profile
1/5 has posted a video online
80% sleep w/phone
send 20 texts/ day
age: 18-34
11 million in CA
“digital natives”
56% believe technology helps w/efficiency

5. Typical Millennial $35K Median Income 62% Minority
25 Years Old
28% College Educated
62% Minority
50% Single
$35K Median Income

6. Average Age: 25
What is your age?

7. Millennial Age Groups
What is your age?

8. ¾ Millennials Not Married
What is your marital status?

9. Majority of Younger Millennials are Single
*Source: American Community Survey, U.S. Census Bureau
What is your marital status?

10. Nearly Half Don’t Have Children
How many people live in the home?

11. 3/10 Have College Degree
What is the highest level of education you have completed?

12. Nearly Half of Older Millennials Have College Degree
*Source: American Community Survey, U.S. Census Bureau
What is the highest level of education you have completed?

13. Majority Not Enrolled in a College
Are you currently enrolled in a college?

14. Nearly ½ Younger Millennials Enrolled in a College
Are you currently enrolled in a college?

15. Majority are Minorities
What is your ethnic background?

16. More Diversity in Younger Cohort
*Source: American Community Survey, U.S. Census Bureau
What is your ethnic background?

17. Top Professions Occupation % Student 26% Homemaker 8.1% Management
5.9%
Education
5.2%
Healthcare
5.1%
Assistant
4.1%
Sales/Retail
3.9%
Technology/IT
3.8%
Customer Service
2.9%
What is your profession?

18. 1/5 Millennials Unemployed
What is your employment status?

19. Only 1/3 Millennials Have Full Time Jobs
What is your employment status?

20. Majority Older Millennials are Employed
What is your employment status?

21. ½ Older Millennials Have Full Time Jobs
What is your employment status?

22. Average Years in Current Job: 3.4
How many years have you been in your current job?

23. Median Annual Income: $35,000
What is your annual household income?

24. Older Millennials Have Higher Earnings
What is your annual household income?

25. Current Residence
In which California county do you currently reside?

26. 1/5 Millennials are Home Owners
What is your current living situation?

27. Nearly ½ Younger Millennials Live With Parents
What is your current living situation?

28. Majority Have Lived in Current Home <2 Years
How many months have you been living in your current residence?

29. Slightly More than Half Live in Single Family Homes
In which type of home do you currently live?

30. Most Owners Live in Single Family Homes
In which type of home do you currently live?

31. Most Households are Families
Please indicate the relationship between you and the other people living with you.

32. Renters

33. Median Monthly Rent: $1,075
How much is your monthly rent?

34. Affordable Rent is Top Reason for Choosing Current Residence
What was the most important reason for electing to live in your current residence?

35. 1/10 Renters Previously Owned a Home
Have you ever owned a primary residence?

36. Majority Sold Home After 2009
What year did you sell your primary residence?

37. Many Sold Home Due to Financial Distress
Why did you sell your previous primary residence?

38. Majority Rent Because they Can’t Afford to Buy
Why do you rent instead of buying?

39. Affordable Home Price is #1 Motivator to Buy Now
What would most motivate you to buy a home now?

40. 8/10 Feel Home Ownership is Important
How important is home ownership to you on a scale of one to 10, with one being not at all important and 10 being extremely important?

41. Advantages of Home Ownership
In your opinion, what are the advantages of home ownership?

42. Most Expect to Buy a Home Within 5 Years
When do you expect to buy a home?

43. Many Younger Millennials Expect to Buy When they Get Married
When do you expect to buy a home?

44. Most Plan to Buy Locally
Q17
Where do you plan to buy your next primary residence?

45. Millennials Prefer Single Family Homes
What type of residence do you plan to purchase?

46. Big Lots & Suburbs are Highly Desirable
Which of the following features would you like to have in your ideal home?

47. Ideal Neighborhood Features
Which of the following features would you like to have in your ideal neighborhood?

48. Majority Would Begin Home Search Online
How would you begin your search for a home to purchase?

49. More Younger Millennials Would Begin Home Search by Consulting Friends/Family
How would you begin your search for a home to purchase?

50. Millennials’ Biggest Concerns
Price/Affordability (45%)
Problems with Credit, Mortgages, or Taxes (19%)
Maintenance/Upkeep (14%)
Satisfaction with Home/Location (7%)
Responsibility (4%)
Losing the Home (4%)
Depreciation of the Home Value (3%)
Security (2%)
Other (2%)
What are your biggest concerns about home ownership?

51. Housing Crisis Affected Home Ownership Perspective
Has the recent ( ) housing crisis made you less likely to consider owning a home a good investment?

52. ½ Have Student Debt
What is the balance of your outstanding student debt?

53. Student Debt Not Preventing Most from Buying
Is your student debt preventing you from qualifying for a mortgage?

54. >4/10 Don’t have Debt that Prevents Buying a Home
What other type of debt do you have that would make it difficult to buy a home?

55. Older Millennials Have More Debt
What other type of debt do you have that would make it difficult to buy a home?

56. Most Uncertain/Doubtful they Could Obtain a Mortgage Now
Could you obtain a mortgage if you applied now?

57. ½ Would Not Buy Their Childhood Home
Would you buy your childhood home if it was for sale and you were looking to buy?

58. BUYERS

59. Most Homes Purchased after 2009
What year was the home purchased?

60. <3/10 Inherited their Homes
Who originally purchased the home?

61. 2/5 Younger Millennials Inherited Homes
Who originally purchased the home?

62. Most Millennials are First-Time Buyers
Was this your first home purchase?

63. Median Purchase Price: $267,000
What was the purchase price of the home?

64. Older Cohort Purchased Pricier Homes
What was the purchase price of the home?

65. Purchase Price Highest in NorCal
What was the purchase price of the home?

66. Affordability is Main Reason for Buying a Home
What were your main reasons for buying a home?

67. Family & Jobs are Main Reasons Younger Millennials Bought
What were your main reasons for buying a home?

68. Many Didn’t Buy Sooner Due to Lack of Urgency
Why didn’t you buy a home sooner?

69. Younger Millennials Didn’t Buy Sooner Mainly Due to Lack of Good Housing Options
Why didn’t you buy a home sooner?

70. Location is Most Important Reason for Selecting Home
What was the most important reason for selecting the home you purchased?

71. Majority Found Home Through Agent
How did you find the home you purchased?

72. Most Found Home on Zillow or Realtor.com
If found home on internet, on which website did you find your home?

73. Older Millennials Prefer Zillow, Younger Millennials Prefer Realtor
Older Millennials Prefer Zillow, Younger Millennials Prefer Realtor.com
If found home on internet, on which website did you find your home?

74. Future Home Price Expectations are Positive
Do you think home prices in the neighborhood where you purchased will go up, down or stay flat in …

75. Positive Attitude Toward Home Buying Process
How would you describe your attitude towards the home buying process?

76. Home Buying Experience vs. Expectations
How did the actual home buying experience compare to your expectations prior to beginning the process?

77. More than 4/5 are Satisfied with Home
Are you satisfied with the home you purchased or do you feel like you selected the best option given the limited supply of homes?

78. Most Planning to Keep Property <5 Years
How long do you plan to keep the property?

79. Most Want Better Agent Communication
If there were one thing you could change about your home buying experience, what would it be?

80. Advice to First-Time Buyers
What advice would you give to other first time buyers?

81. Most Wouldn’t Sell Home Now
Would you consider selling your home now?

82. Financing

83. Majority Obtained Financing
How did you pay for the home you purchased?

84. Cash Funds Mainly from Personal Savings
If all cash, where did the funds come from? N = 41

85. Average Down Payment: 26%
How much was your down payment for the home purchased (as a percentage of the sale price)?

86. Average Difficulty Rating in Acquiring Financing: 4.4
Please rate how easy or difficult it was to obtain financing on a scale of one to 10, with one being very easy and 10 being very difficult.

87. BUYER/agent relationship

88. Many Related to Agent
How did you find your real estate agent?

89. Average Number of Agents Interviewed: 2
How many agents did you interview prior to selecting the agent you used in your recent home purchase?

90. Responsive Agents are Most Desired
What was the single most important reason for selecting that agent?

91. 4/10 Googled Their Agent
Did you “Google” (conduct an internet search for) your agent to find out information about him/her?

92. More Younger Millennials Googled Their Agent
Did you “Google” (conduct an internet search for) your agent to find out information about him/her?

93. Average Number of Homes Viewed: 8.2
How many different homes did you preview and visit with your agent prior to making a purchase?

94. Average Number of Offers on Other Homes: 2.3
How many offers did you make on other homes?

95. Preferred vs. Actual Communication
What was your preferred method of communicating with your agent and how did your agent primarily communicate with you?

96. Preferred vs. Actual Response Time
When attempting to reach your agent, what response time were you typically expecting for your agent to get back to you, and on average, what was the actual response time for your agent to return your communication?

97. Overall Home Buying Process Average Satisfaction Rating: 7.3
Please rate your degree of satisfaction with the overall process of buying a home on a scale of one to 10, where one is least satisfied and 10 is most satisfied.

98. Average Agent Satisfaction Rating: 7.5
Please rate your degree of satisfaction with your real estate agent on a scale of one to 10, where one is least satisfied and 10 is most satisfied.

99. Why Were Millennials Satisfied with their Agent?
Why do you have that level of satisfaction with your agent?

100. What Could Agents Improve?
Why do you have that level of satisfaction with your agent?

101. Value of Hiring an Agent
What value did you receive from hiring an agent to represent you in the transaction?

102. 4/5 Would Work with Same Agent Again
Would you work with the same agent again?

103. Where do Millennials Need Agent Assistance?
In which part(s) of the transaction did you need the most assistance from your agent?

104. Advice for Real Estate Agents
What advice would you give to real estate agents to improve the home buying process or their level of service?