Nicole Friedman

speaker

798 appearances 16 recordings 1 series first heard Aug 2017 last heard Dec 2024

Nicole Friedman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Millennials Fuel a Housing-Market Turnaround · 27 Aug 2020 podcast

Home sales in July of existing homes hit their highest annual rate since 2006, and so there's actually pretty stunning demand right now. voice-verified

And that is a combination of these demographic changes. voice-verified

People are entering the stage in their life where they want to buy a home. voice-verified

And there does seem to be new demand spurred by the pandemic that people who stayed home and were locked down in maybe an apartment or a smaller house looked around and said, actually, I could use some more space or I'm willing to to make a move. voice-verified

And so we did see people decide they wanted something different in their homes because of the experience the last couple of months. voice-verified

To some extent, this story is still being told, but I think there was a lot of fear that millennials were going to be a drastically different generation behaviorally than earlier generations, that they were going to rent forever, that they were not going to get married or have kids, that they were never going to move to the suburbs, that millennials wanted something completely different. voice-verified

And I think to some extent that may be true. voice-verified

I think there still is more interest among millennials in urban living and in some of the amenities of the walkability of an urban environment. voice-verified

But certainly many millennials want exactly what the baby boomers or what Generation X wanted. voice-verified

And we do see demand in the suburbs, demand in rural areas for homes with a backyard and single family home with space for children. voice-verified

Yes, and this is not necessarily a turnaround. voice-verified

And so millennials are still, as an entire generation, they have had major setbacks. voice-verified

A lot of millennials entered their careers, graduated high school and college during one of the worst recessions in history. voice-verified

And so that was a huge setback in terms of earning, in terms of career potential for many millennials that they are still recovering from. voice-verified

And then this most recent pandemic-related recession has resulted in a higher unemployment rate among millennials voice-verified

than among older generations. voice-verified

And so certainly millennials continue to be an indebted generation and a generation that has struggled to reach their full career potential compared to older generations. voice-verified

But I think it is a really big generation and many of these trends can be happening at once. voice-verified

And so there are the millennials right now who are struggling, who have lost their jobs. voice-verified

who are not going to be able to afford to buy homes in the next couple of years. voice-verified

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