“Child-Free” Millennials Choose Pets Over Kids
- An increasing number of millennial women and young couples are opting out when it comes to having babies. They’re choosing dogs and cats instead.
- Child-free, by the way, is distinctly different than “childless.” The former is an intentional lifestyle choice not to have children.
- Religious groups are in an absolute dither about this. LifeNews (a pro-life news agency with 750,000 weekly readers) writes: Many Americans have made parenting a central focus and mission of their lives, so naturally they struggle with understanding the motivation behind willingly passing up one of life’s greatest blessings.
- Eight out of 10 say their child is one of their best friends
- Three-quarters say their children are involved in household decisions.
Affordability – and having kids – is sending more millennials to the suburbs
- 50% of millennial homeowners live in the suburbs, 33% live in an urban neighborhood and 20% live in a rural area. (Source: Zillow)
- 49% of millennial buyers have at least one child
- Families spend $9,000 more a year to live in the city versus the suburbs. The most common expenses: property taxes, mortgage payments and child care costs. (Source: Zillow and Care.com)
- The difference is most stark in New York, Chicago and Dallas. In New York, a family would pay an additional $71,237 a year in order to live in the city.
- Because of the size of the millennial generation, they will create change with each new life stage including transforming the suburbs making them more walkable and welcoming more local, independent businesses (vs. chains).
- Buyers under 36 now make up the biggest chunk of Americans buying homes
- They make up 64% of first-time home buyers (even though they only account for 13% of the population)
- On the list of must-haves: supershort commutes, and amenities like parks, cultural centers, and restaurants.
- Top cities : Salt Lake City, Miami, Orlando, Seattle, Houston, Los Angeles, Buffalo, Albany, San Francisco and San Jose.
Read on below for more on how millennials are disrupting and obsoleting three industries: cable TV, hotel room keys and financial services.
Cable TV: Only a third of millennial males will pay for cable TV this year (Source: Videology)
- More than half have already cut the cord
- Millennials see digital devices as more critical to their lives than TV
- Digital video services, geared toward mobile and connected TV screens, are preferable to traditional TV. They are increasingly reluctant to pay for cable bundles when digital alternatives suit them better. (Source: emarketer)
- Mobile key apps like OpenKey notify the guest of their room number the minute they walk into a hotel.
- Their smartphone provides instant “keyless” access, allowing them to bypass the front desk.
- Millennials were the first cohort to adopt ETFs as a foundational component of their investing strategies. As they age and acquire more assets, they are expected to become even more engaged.
- ETF inflows saw a 24% increase from millennial investors in February 2017. (Source: TD Ameritrade)
- 41% of millennials utilize ETFs, compared to 25% of Gen Xers and 17% of baby boomers. (Source: Schwab)