Purchasing Behavior of Generation Y
The name “Millennials” or Generation Y, appeared in the United States and designate persons born between 1980 and 2000.
Theoretically, the members of this generation should be most interested in real estate acquisitions, but things are not quite so. However, a number of economic and social factors indicate that residential purchases interests could grow in the US: the employment rate of this cohort members increases, there is a desire to move from their parental home and therefore to be owners, also rates on mortgage loans are low.
What is the corresponding generation for “Millennials” in Romania and which are their needs in real estate? In establishing the generation Y of Romania we took into account the 1989 Revolution, a defining moment in terms of change, both in terms of political and economic system, also mentalities. Consequently, we chose 1990 as a means of reference, so generation “Millennials in Romania” are people born between 1985 and 1995. We also added 1996 to this generation, as people born in that year turned 18 in 2014.
From the perspective of active real estate needs, age between 18 and 29 years is a percentage of 28.6% out of the total, according to a study by Imobiliare.ro. “Millennials of Romania” is an important market segment for real estate agents and brokers, due to the large number of members and high percentage of all internet users.