Millennials Becoming a Growing Influence on Housing Market

Housing Market news in Rio Rancho New Mexico:

Observer staff writer

By 2050, America’s population will increase by 48 percent, according to New Mexico Apartment Advisors CEO Todd Clarke.

That’s good news for Realtors everywhere, he said, and it’s thanks to one growing generation: millennials.

Clarke spoke about housing for millennials at Thursday’s NAIOP Rio Rancho Roundtable meeting, held at the Presbyterian Rust Medical Center.

Clarke’s presentation was the second in a three-part series that focuses on “housing the generations.”

Currently ages 18 to 35, the millennial generation is like no generation before it, Clarke said. Millennials, he said, are independent, don’t care about long careers, want work flexibility and the ability to express themselves while on the job.

“If you go to Starbucks and you see a barista who is wearing some kind of weird thing over their tattoo or a band-aid over their gauge, that’s a powerfully pissed off millennial who is looking for a new job. They are the most authentic generation that we have ever seen in this country and we’re still coming to grips with it,” he said.

According to a 2035 financial forecast of the metro area by the Mid Region Council of Governments of New Mexico, millennials will add 668,000 people to the area and will require 310,000 new homes and 210,000 new jobs. Sandoval County will benefit the most of the five-county regions covered by MRCOG, increasing its population by 141 percent by 2035. Valencia County’s population will boom by 107 percent, followed by Bernalillo County, southern Santa Fe and Torrance counties (each ranging between a 55 and 59 percent increase).

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