Noah/Patch Homes Pitch

Goals

Gain an understanding on the following real estate and home ownership topics; the largest trends around unconventional forms of ownership, how older millennials handle personal finances specifically as related to future home ownership, attitudes of these older millennials to home ownership and debt from non traditional lenders, trends around real estate technology, negative news about institutional financial investors getting involved in the fintech industry, where consumers get advice on mortgages, and home ownership trends among those over 65

Early Findings

Millennials and Home Ownership

  • Millennials are renting longer partly due to high levels of student loan debt making it challenging to save for down payment.
  • Similarly, rent costs are so high that millennials don't have enough to save for a down payment.
  • Almost half of those between age 18 to 34 spend over 30% of their paycheck on rent.
  • Because millenials are building wealth so much more slowly, 67% believe they won't be able to afford a down payment for a house that they like.
  • Only 48% of millennials feel buying a home is a good investment.

Silent Generation and Home Ownership

  • The Silent Generation makes up only 7% of home buyers in 2018, the smallest share by age group.
  • 14% of homes purchased by this age group were new homes, as they prefer the amenities of new home construction communities.
  • This generation is most likely to purchase a duplex, apartment, or condominium.
  • 47% of this group wants a home that is convenient location relative to friends and family.
  • 34% look for a home that is conveniently located relative to shopping.
  • 17% are buying a home in order to downsize to a smaller size accommodation.


Proposed next steps:

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Provide a report on 3-5 key trends around unconventional forms of home ownership
Provide a report on 3-5 key trends around real estate technology
Provide a summary of negative news articles and media related to institutional financial investors getting involved in the Fintech industry