Millennials Want to Buy a Home More than Saving the World.
MELVILLE, N.Y. (PRWEB) September 13, 2018 -- Millennials view owning a home as a greater accomplishment than saving the world, which ranked second to last, according to the 2018 TMS Millennial First-Time Homebuyer Study, a new survey from the mortgage finance company.
The study uncovered that 43% of Millennials said that owning a home is the most important accomplishment, with falling in love and saving $20,000 as second and third most important. According to the results, love and savings are inextricably linked – they need to fall in love in order to afford a new home. Saving the world barely beat buying a car, which ranked second to last with 13%.
“Millennials are three times more likely to buy a home than they are to save the world,” said Chief Strategy Officer Barbara Yolles as she spoke to industry marketers at HousingWire’s Engage.Marketing conference in Dallas Thursday. “Home represents ultimate happiness and achievement to these first timers.”
Yolles continued to compare the values of the Avengers to the values of Millennials. “It’s almost ironic,” Yolles wittingly said. “Millennials identify with the Avengers as their heroes who do good in the world and expect this from their brands. Yet, when it comes to home, they rank it over saving the world, which doesn’t bode well for the fate of the earth in the hands of this generation.”
The study also surfaced that Millennials compare the feeling of finding a new home to a treasure hunt, but inversely view the mortgage process to mountain climbing – something difficult and challenging to achieve.
Yolles not only shared the results of what this wave of homebuyers truly want, having surveyed more than 600 intending, first-time Millennial homebuyers, but also how to market to this group.
“There is a huge disconnect between what Millennials want and how the industry speaks to them,” Yolles said. “This is why we’re changing the language of lending at TMS. Dialing up the joy of homeownership and dialing down the angst.”
The survey results align to TMS’s mission to help more than one million families achieve and maintain the dream of homeownership over the next five years and comes on the heels of the launch of Happinest FIND, FINANCE or PROTECT, a complete homeownership offering of products and services, including buy/sell your home with cash back rewards, financing and insurance.
At the beginning of the year, TMS launched a new brand campaign that tapped into the emotional aspects of home financing for all of its lines of business and laid the foundation for its massive expansion plans for the next five years.
About TMS TMS (The Money Source Inc.) is a different kind of company that does business in a different kind of way. Founded in 1997, with a mission to Grow Happiness, TMS is a fast growing fintech company that provides products, technology, speed of service and a unique customer experience to borrowers, clients and team members in their pursuit of happiness. With more than 700 team members, TMS is a national lender and servicer licensed or exempt from licensing in all 50 states and the District of Columbia. For more information, visit TheMoneySource.com. NMLS# 6289.
Brena Swanson, The Money Source Inc., https://themoneysource.com/, +1 (925) 391-1642, [email protected]
Share this article