Anthony Locicero, Associate Editor 01.07.19
Millennials. To some, it is a derisive term for, as the Pew Research Center notes, individuals who were born between 22-37 years old in 2018.
According to the National Realtors Association’s “Home Buyer and Seller Generational Trends Report,” individuals under 38 make up the largest share of home buyers – 36 percent – with many of them (65 percent) first-time buyers.
The number of first-time buyers totaled 34 percent, per the report.
Behr Paint Company’s Chief Marketing Officer Jodi Allen said, as a result, this is also driving demand in the interior coatings market. But that’s not all.
“We’re also observing an increased demand for home updates, in part due to the fact that 65 percent of the existing housing stock was built before 1990,” Allen said. “Today, people are living in their homes longer than previous generations, and thus spending more on remodeling, on a more frequent basis.”
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