Millennials, the new snowbirds
Move over retirees, a different kind of snowbird is coming soon to a winter paradise near you.
Seasonal living lifestyle isn’t new. In fact, warmer regions of the United States count on their snowbirds as a lucrative part of their economy. Once the first frost crisps the colder states, the flock moves south, to enjoy continued sunshine and avoid the winter blues.
Historically, this flexible geographical living arrangement has been exercised by senior citizens as they have both the passive income and void of work commitment to match.
However, there is a new demographic that will likely dominate the sunshine states in the next decade, and it is the largest demographic in the United States—the Millennials.
Economists keep a keen eye on this fascinating population segment, tracking everything including their spending habits, value systems, motivations and moving patterns.
Here are 5 reasons Millennials will likely be the next largest generations of snowbirds, and way before they retire:
1. Employment arrangements
Millennials prefer employment with flexibility to work from home, on-the-go…or from the cabana. They seek a laptop lifestyle that allow the ability to live anywhere, anytime. This is perfect for seasonal nomads!
2. Love to travel
Millennials tend to value experiences over material stuff. This makes the Millennial a perfect snowbird candidate. On top of the value chart is travel. Who can blame them? Their entire future is in front of them. Many older generations report that they wish they would have traveled more in their youths prior to mortgages and families. The desire to explore makes the Millennials ideal as snowbirds as it provides extended time to experience different places without making a permanent move.
3. Low commitment
Statistics show that Millennials are record slow to financial commitments compared to older age groups. They would rather lease a car than buy one. They would rather rent, or crash at their parents', than buy a home. And when they buy a home Millennials go for low maintenance, rather than high maintenance properties, giving them the ability to take off for an extended amount of tine with ease. Clever Millennials rent out their properties to others for extra income while gone, like air BnB’s and VRBO’s, or sublets.
4. Into the rental market
Now this will be interesting to watch. Currently Millennials are trending as renters. That may not be forever. While those of us who are in the real estate sales business may rely heavily on snowbird property buyers, Millennials are likely to skip the sales contract and rent while in town. However, do not discount the Millennials value to the economy since they can be great tenants that take to social media to tell others to come look for your set-up, whether seasonal rental or overnight place to crash while backpacking.
5. Kids on the way-later-plan
Millennials are not rushing off to the altar. They also tend to have kids later in life than previous generations. It is much simpler to pick up your laptop and go when the cold sets in if you don’t have to plan around your kiddo’s school calendar. With online schools ticking in an uptrend this may not hold the Millennial with children back anyway. Besides, many Millennials want to share the world with their kids. So easy might be the ticket for younger snowbirders, but they may not quit the routine once they’re hooked.
Millennials have grown up during a time of rapid change thanks to technology.
They are used to innovate to get what they want easily.
So why wait? Early birds get the worm and there are so many places to spend this winter other than in a dark, glacially cold, hemisphere. Unless you’re into that sort of thing, of course.