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Browse the siteNovember 14 2014
The fervor about marketing to Millennials peaked for me during the National Association of REALTORS® Convention in New Orleans last week.
Surely you've seen some of the recent headlines: "Millennials could hold the key to housing recovery," "Millennials need to be wooed," "Insights about Millennials' path to homeownership," etc.
One of the seminars at NAR had this in its title: "Generating Referrals from Millennial Home Buyers."
Say what?
Try this headline: Millennials are broke.
Yes, Millennials (a.k.a. Generation Y), those who ages range from about 19 to 38, may comprise the largest segment of the U.S. population at 86 million strong, but they don't have any money. They are student debt rich and cash poor.
Worse, they don't make much either.
I was awakened by this fact by one of my favorite daily bloggers, economist Elliott Eisenberg, Ph.D. who pens a 70-word blog five days a week (see econ70.com).
He shared these facts:
Re-read these numbers: Median income is $35,300 and median net worth is $10,400.