30-30 Analysis
Earlier this week, I came across an article on Builder Online, called 'Then and Now' that took a look at some interesting U.S. Census Tract Data, which compares and contrasts the lifestyles of 30-year-olds in 1975 vs 30-year-olds in 2015. My 30-year-old self found this analysis to be quite interesting and relevant to the type of product I am trying to provide with the Starter Home 2.0 project, so I thought I would highlight 5 key takeaways from that synopsis and info-graphic posted below (click on the image to enlarge).
- Spouses: In 1975, 89% of 30-year-olds were married, but in 2015, that number drops to 57%.
- Children: 76% of 30-year-olds in 1975 were parents to at least one child, however that percentage falls to just 47% for this age group in 2015.
- Living on Their Own: I take this as not living with mom and dad, but might be mistaken. Either way, this number, which was at 90% in 1975 has dipped to 70% in 2015.
- The New Norms: In 1975, 71% of 30-year-olds had married, had a child, were not enrolled in school, and lived on their own. In 2015, just 32% of 30-year-olds have these characteristics.
- Homeowners: Taking into account the new norms statistic above, it is not surprising no learn that homeownership for 30-year-olds has dropped from 56% in 1975 to 33% in 2015.
It is important to note that Census Data doesn't directly address the largely different financial, technological, and social circumstances facing today's young adults, which certainly impact these numbers to an extent. That said, a couple questions worth asking for Millennial home builders like myself: (1.) Are their values all that different than they were in 1975? (2.) Do they believe in and prefer anything fundamentally different when it comes down to safety, trust, shelter, livability, etc.? I agree with the author of this article, who suggests probably not, but cautions that we don't know for sure, yet and may only know the answer to that in five years--as college debt loads begin to lighten and biological clocks kick into high-gear, triggering families.
