Millennials. The generation known to be connected to their mobile phones, obsessed with social media, and still living at home with their parents long after graduating college.
However, this generation is changing things up. Over the past couple of years, they have squashed all previously conceived notions about living a lavish lifestyle. In fact, everything people thought they knew about Millennial spending is changing.
First off, buying homes. A few years ago, Millennials were notorious for renting homes instead of buying them. But in 2014, one-third of home buyers were first-time buyers, a number that’s set to steadily increase. Only a little later than the generations before.
This is because Millennials are having children later than any other generation. But research shows that this doesn’t mean they still want to fulfill their American Dream of purchasing a home and settling down.
“The traditional white picket fence with 2.5 children may no longer be the gold-standard, but the notion of being able to take control of your destiny and create your own success is strong in the millennial generation,” says Erin Lowry, founder of financial advice site Broke Millennial.
Millennials have also toppled another pillar of the American dream — the notion of staying with the same company for years. Millennials are proud to change jobs regularly, and a report from State Street Global Advisors found that 60% of all Millennials have changed jobs between one and four times in the last five years.
This just adds to the phenomena of Millennials not wanting to buy a home until they are established with a job and a family within one location. After all, what is the point for this transient generation to apply for a mortgage if they just want to keep moving around?
All in all, Millennials are trying to be different and it is working. Lowry explains, “You’re seeing a rise in entrepreneurship and people looking to create the jobs they want and trying to balance it with a more idealized version of their lives instead of sticking with one company for 40 years and retiring to Florida with a comfortable pension.”