September 8, 2016
Azad Amir-Ghassemi
Research Analyst
METHODOLOGY
Online Only Survey conducted from January 2016- February 2016
1871 respondents: 633 Emerging Millennials (18-25); 686 Older
Millennials (26-33); 552 Gen-Xers (33-39)
Respondent quotas were matched to Census ACS 2014 rates
based on race/ethnicity, renter/owner occupied housing status
Post-survey stratified weighting was applied due to male
undersampling
80%
70%
70 +
52-70
37-51
60%
24-36
50%
40%
2005
2008
2010
2012
CALIFORNIA
800,000
600,000
400,000
200,000
0
-200,000
-400,000
-600,000
-800,000
-1,000,000
California
US
4
2
0
-2
-4
-6
-8
2.3
1.7
FUTURE OF CALIFORNIA
Large Differences Across Ethnicities
7.6 M
Millenials
7.4 M
Gen-X
25
7.6 M
Boomers
50
AGE
75
1.9 M
Millenials
25
2.8 M
Gen-X
3.1 M
Boomers
50
AGE
75
4.3 M
Millenials
2.3 M
Gen-X
25
1.5 M
Boomers
50
AGE
75
0.33 M
Millenials
25
0.60 M
Gen-X
0.39 M
Boomers
50
AGE
75
37-51
52-70
80%
60%
ASIAN
BLACK
HISPANIC
WHITE
40%
6%
4%
2%
0%
30%
30%
29%
20%
18%
10%
0%
3%
6%
8%
5%
2%
0%
25%
20%
25%
4%
1%
Emerging
Adult
22%
12%
10%
0%
36%
35%
30%
4%
7% 8% 9%
7%
2%
1%
2%
0% 1%
50%
40%
52%
39%
30%
20%
10%
0%
9%
ASIAN
75%
WHITE
87%
78%
50%
25%
0%
12%
10%
8%
LATINO
BLACK
85%
75%
50%
25%
0%
5%
56%
33%
11%
2%
13%
27%
24%
20%
15%
10%
0%
14%
9%
7%
3%
1%
30%
34%
31%
Owner
Renter
20%
10%
14%
18%
17%
14%
18%
11%
14%
13%
6%
0%
3%
5%
1%
2% 0%
80%
60%
63%
40%
37%
20%
0%
With family means living in the home of parents / grandparents / other family
Emerging
Adult
80%
72%
60%
40%
20%
0%
53%
47%
28%
35% OF ALL MILLENNIALS LIVE WITH A SPOUSE; 17% LIVE ALONE; 11%
LIVE WITH 'ROOMMATES'
What is your living situation?
N: 1319
40%
37%
30%
35%
20%
10%
16%
11%
0%
Can answer yes to more than one option - ie. live with parents and with spouse
7%
7%
60%
48%
40%
20%
0%
Emerging
Adult
Younger Gen-X
59%
47%
28%
21%
17%
14%
18%
22%
14%
8%
4%
8%
6%
6%
7%
6%
4%
80%
60%
58%
40%
20%
0%
42%
Owner
40%
30%
Renter
40%
33%
32%
23%
20%
10%
0%
18%
11%
15%
10%
2%
4%
5%
8%
Emerging
Adult
80%
71%
63%
60%
40%
37%
20%
29%
0%
But remember there are also many more Adult millennials living on their own than Emerging millennials!
50%
52%
40%
30%
31%
20%
10%
0%
10%
4%
2%
1%
60%
40%
20%
0%
n: 1319
48%
40%
30%
28%
20%
10%
0%
11%
10%
3%
30%
31%
25%
20%
10%
12%
8%
0%
8%
10%
6%
33%
30%
25%
20%
10%
Owner
Renter
36%
14%
13%
12%
11% 10%
7%
0%
15%
11%
4%
7%
2%
40%
30%
20%
10%
0%
AMERICAN DREAM
How important is fulfilling the 'American Dream' to you?
Please answer on a scale of 1 to 5, with 1 being not at all important and 5 being very important? n: 1270
34%
30%
25%
20%
10%
0%
31%
4%
6%
17.8%
15%
17.5%
16.4%
13.9%
10%
5%
0%
12.5%
11.4%
10.4%
45%
40%
37%
30%
20%
10%
0%
12%
1%
5%
OWNERS QUESTIONS
House Purchase Characteristics
85%
80%
60%
40%
20%
15%
0%
15%
10%
5%
0%
VALUE CHANGE
Are you waiting for your home value to increase to a specific amount before selling?
n: 225
15%
10%
5%
0%
35%
30%
20%
19%
12%
10%
0%
10%
10%
9%
5%
1%
20%
15%
10%
5%
0%
23%
15%
12%
12%
9%
9%
5%
3%
3%
3%
3%
FAMILY SUPPORT
80%
80%
60%
40%
20%
0%
20%
36%
30%
20%
10%
0%
35%
34%
25%
Emerging Millennial
Adult Millennial
Younger Gen-X
Older Gen-X
52%
50%
43%
40%
50%
43%
40%
37%
30%
34%
31%
32%
33%
26%
27%
29%
20%
20%
16%
10%
0%
17%
50%
40%
50%
30%
20%
10%
0%
17%
8%
7%
5%
4%
3%
3%
MOST IMPORTANT REASON FOR NOT OWNING FOR ADULT RENTERS? ...
AFFORDABILITY
Why do you rent instead of buying?
40%
20%
0%
Emerging Millennial
Adult Millennial
Younger Gen-X
52%54%
48%
19%
15%
10%
2%
6%
12% 9%
9%
6% 5%
5% 4% 5% 6% 5%
2% 5% 5% 3% 3% 3%
TOTAL RENT
How much is the total rent of your apartment or house? (excluding utilities)
22%
20%
19%
15%
12%
10%
6%
5%
4%
0%
12%
4%
2%
8%
6%
5%
0%
30%
29%
22%
20%
18%
13%
10%
8%
0%
3%
4%
1%
2%
56%
40%
43%
20%
0%
50%
40%
30%
50%
42%
30%
20%
10%
0%
16%
12%
8%
38%
30%
20%
10%
0%
19%
14%
11%
8%
8%
1%
40%
30%
Split by Renters-Owners;
n: 318
39%
Owner
Renter
33%
23%
20%
16%
10%
0%
16%
14%
10%
10%
11%
12%
9%
4%
1%
2%
20%
15%
10%
5%
0%
23%
17%
14%
12%
7%
7%
7%
6%
6%
1%
26%
25%
20%
21%
Emerging
Adult
18%
16%
15%
10%
10%
10%
6%
0%
8%
3%
Indications that breaking into CA job market is harder for young Millennials
6%
8%
6%
8%
5%
7%
2%
36%
30%
20%
10%
0%
44%
40%
33%
22%
15%
18%
17%
11%
2%
3%
33% compared to 18% who live outside the family home do not know when they will buy a house
Owners
Renters
47%
40%
36%
30%
20%
10%
24%
23%
21%
20%
14%
11%
0%
4%
1%
Owners
Renters
38%
43%
40%
33%
30%
22%
20%
10%
0%
13%
17%
17%
10%
5%
1%
14%
10%
13%
12%
11%
10%
8%
5%
8%
7%
6%
4%
0%
3%
1%
1%
10%
14%
13% 14%
13%
14%
11%
11%11%
11%
10%
8% 8% 8% 8%
5%
0%
7%
Emerging
Adult
8% 7%
6%
4%
3%
4%
2%
2%
1%
1% 1%
43%
40%
30%
20%
10%
0%
30%
27%
49%
40%
30%
20%
10%
0%
39%
34%
25%
27%
26%
No Children
Has Children
n: 1319
30%
33%
29%
28%
20%
10%
0%
4%
50%
40%
30%
20%
10%
0%
n: 1319
ASIAN
WHITE
LATINO
BLACK
48%
41%
33%
30%
20%
19%
4%
1% 4% 4%
37% 38%
28%
20%
32%
16%
2%
6% 7%
11%
30%
20%
10%
0%
37%
18%
14%
14%
8%
5%
4%
40%
30%
20%
10%
0%
41%
32%
20%
18% 18%
8%
Adult
Emerging
13% 14%
10%
6% 6% 5%
4% 4%
30%
Either as a home or as an investment property - Self-Owning Millennials Split By Age; Select any that apply. n: 304
26%
29%
23%
20%
10%
11%
19% 19%
12%
16%
10%
12%
0%
Jobs, monetary factors are important for both, creating a family for Emerging
Emerging
Adult
13%
3% 2%
6%
Either as a home or as an investment property - Millennials Living With Parents; Select any that apply. n: 293
26%
20%
10%
22%
19%
12%
12%
6%
0%
4%
Owner
Renter
37%
30%
26%
20%
10%
19% 18%
22%
14%
12%
14%
12%
8%
0%
Jobs are most important single factor for both spurring renters / and owners
6%
5%
4%
4%
DEBT WORRIES
Many millennials list financial debt as an issue (50% rate
as 4-5 in level of challenge)
40% of millennials with 'debt issues' list student debt as
the most burdensome, 23% credit cards
Emerging Millennials are more likely to see student debt
as a significant challenge to home purchase.
50% of Emerging Millennials vs. 33% of Adult Millennials
think it's a significant challenge
27%
22%
20%
12%
10%
6%
0%
7%
23%
40%
40%
30%
20%
10%
23%
14%
7%
0%
7%
6%
3%
50%
49%
Emerging
Adult
40%
30%
20%
10%
0%
33%
25%
21%
17%
9%
5%
9%
6% 7%
7% 6%
3% 3%
76%
60%
40%
20%
0%
24%
76%
60%
40%
20%
0%
24%
73%
60%
40%
20%
0%
27%
STUDENT DEBT IS AN ISSUE FOR PURCHASING TODAY BUT NOT *AS BIG*
AN ISSUE AS COMMONLY BELIEVED
Did student debt of any kind keep you from exploring homeownership (renters),
or homeownership sooner (owners)?
27%
24%
20%
10%
0%
20%
17%
16%
10%
9%
6%
6%
3%
0%
2%
1%
0%
Most Millennial renters do not have a good idea of the current down-payment market
5%
6%
3%
30%
ASIAN
WHITE
LATINO
BLACK
20%
10%
0%
20% of Latino renters believe that 70-100% down-payment is required for purchase. 2x other ethnicities
69%
60%
40%
31%
20%
0%
70% of all Millennial renters would be more likely to look to purchase if they knew about lower down-payments
80%
82%
73%
60%
63%
63%
40%
20%
0%
82% of Black Millennial renters, 73% of Latinos would be more likely to look to purchase if they knew about lower down-payments
80%
81%
60%
40%
20%
19%
0%
25%
25%
20%
19%
17%
15%
14%
10%
5%
0%
AIRBNB HOSTING
~ 10% of Millennial Respondants have used homesharing
services Airbnb/VBRO/Craigslist/etc as a host
Another 10% of Millennials have seriously considered hosting.
Renters and owners are equally likely to host.
Most hosts live in the suburb, but most people live in suburbs.
45% of Renters and 75% of Owners have thought about
purchasing a home as a short term rental.
80%
82%
60%
40%
20%
0%
10%
7%
40%
30%
47%
38%
20%
10%
0%
8%
5%
1%
15%
16%
13%
10%
11%
8%
5%
0%
55%
40%
20%
0%
45%
71%
60%
40%
20%
0%
70% of Owner hosts have thought about purchasing just for hosts
46%