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IRVINE, CA—Despite talk to the contrary, technology is changing how mobile we need to be; this, along with mortgage-finance education, is shifting Millennials' perspective on owning a home, Network Capital's CEO Tri Nguyen tells GlobeSt.com. According to new analysis by the Pew Research Center, Millennials are less mobile than the previous four generations were at the same age. This finding doesn't seem to match the notion that Millennials are the least likely to be married or have children since, lacking geographical ties, many would assume this cohort to be relocating and traveling excessively.
But Pew's recent analysis demonstrates a deeper issue that concerns economists because moving has traditionally been linked to job opportunities and homeownership. And as the economy improves, one would expect people to be moving in greater numbers, but, in all, just 6% of Millennials who moved last year said their primary reason was to own a home.
Nguyen has built a team heavily staffed with Millennials, which he leverages to listen for insights on how to best appeal to the biggest cohort since Baby Boomers. We sat down with him for a chat about the seeming dichotomy between mobility and Millennial homeownership.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
