NEW YORK (6/25/13)--Generation Y will be a "game changer," especially in the housing market, according to the 2013-2014 CUNA Environmental Scan Report published by the Credit Union National Association.
CUNA E-Scan's June 14 newsletter noted research by the Urban Land Institute that suggests the millennial generation--people from 18- to 34 years old--prefers living downtown, renting, and having access to public transportation.
Some say their tastes will change once they start earning more income and become parents, but that may not translate to moving to the suburbs. ULI is predicting this group will move to a more compact, metropolitan development pattern. And it may be because they have no choice: they can't afford the large homes that Baby Boomers have.
How big an impact will this have? One of E-Scan's authors, Chris Braccia, director of product management with Harland Financial Solutions, said Gen Y will be a "game changer," which is one of the reasons Gen Y is "the Holy Grail of progressive credit unions." Currently, the U.S. has 80 million baby boomers and 69 million Gen Xers, while Gen Yers total 100 million.
For more information about the E-Scan, about the Gen Y demographic and what strategies credit unions can use to woo this group, use the links.