The years start coming, and they don’t stop coming.
Or so says the now-classic band, Smashmouth.
You see, within the last three years, I have:
- Had two children.
- Created two prepaid college fund accounts.
- Purchased my first house.
- Furnished and remodeled the aforementioned house.
It feels like I’m fueling the entire American economy by myself at this point!
As it turns out, I’m not far off. Millennials were the highest spending generation in 2020, and that trend is set to continue throughout the next decade.
The chart below shows just how much millennials’ incomes will climb over the same time frame.
Millennials’ Global Annual Aggregate Income in Trillions
(Source: Brookings.edu.)
But there’s something else underway here: the working-from-home trend. As COVID-19 continues to ravage the country, more companies than ever before are expanding their remote work policies. And this gives millennials the perfect opportunity to spend their increasing salaries.
Keep your job, live where you want and skip the commute? Yes, please!
It’s a trend I’m seeing first-hand in my South Florida neighborhood. While it took my husband and me eight months to find and close on a house in 2020 — having lost three houses beforehand thanks to out-of-towners paying above-asking prices sight unseen — the real estate market is even more dire now, with agents reaching out to us frequently to ask if we’re interested in selling.
I emailed Ian King for his take on this trend, and he agreed. “A real estate agent friend of mine told me there were no available rentals at a popular beachfront town in New Jersey. Everyone in New York was escaping the virus’s epicenter. And this new mass migration will drive new-home sales for years to come.”
In fact, he sees four key reasons the housing market could expand even further from here:
- Lower interest rates make house mortgage payments more affordable.
- The mass migration to suburbia.
- Millennials entering peak buying years.
- Technology removing work proximity limitations.
That’s why Ian recommended readers of his Strategic Fortunes newsletter invest in the real estate boom through a tech company. It’s set to play a pivotal role over the next few years as millennials come into their own.
For the full details on how you can join Ian and his readers, click here.
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Best Wishes,
Tiffany D’Abate
Sr. Managing Editor, Smart Profits Daily
