Section 4 • Knowing Your Customer


with their parents or another relative. College students who live on campus would also be included in this category.


When we look at home ownership by generation in Table


4.2, we see that fewer millennials own homes than any other age group (40.8 percent). While millennials contributed $514 billion to the housing market over the past year and became the largest group of U.S. homebuyers, they still lag behind where previous generations were at their age. According to a recent report by Zillow, millennials’ dreams of homeowner- ship are thwarted by affordability issues.


Zillow surveyed more than 13,000 U.S. residents aged


18 to 75 about how they search, pay for, and maintain their homes, as well as their overall frustrations with the hous- ing market. The results indicated that houses—and to some degree apartments—are too costly for most millennials. Moreover, Zillow’s data show that only 39 percent of millen- nials are able to make the standard, recommended down payment of 20 percent in order to secure a home loan. In fact, approximately 29 percent of millennials report that they received financial assistance from family or friends to make a down payment. Added to that is the fact that baby boom- ers are making it difficult for millennials to buy homes since more of them are staying in their existing homes rather than down- or up-sizing.


As seen in Table 4.2, the Gen-X and baby boomer age


groups more closely reflect the overall percentage for home ownership at 50.6 percent and 63.1 percent respectively. Not surprisingly, the Greatest Generation represents the largest number of home owners at 82.6 percent. It is also interesting to note that this age group clearly either owns or rents; no one in this group reported that they neither rent nor own.





     


Own or Mortgage 54.4% 40.8% 50.6% 63.1% 82.6% Rent


40.7% Neither 5.0%


53.6% 5.5%


Source: 2017 Self Storage Demand Study (SSA)


44.8% 4.6%


30.8% 6.0%


17.4% 0.0%


There are many factors that contribute to


the need for self-storage, one of which is lack of space at a residence. Indeed, no longer do we live in a time when houses are built with basements or attics—the typical storage space in days gone by.


According to a survey by the National       


Single Family House 67.0%


Apartment or Condominium 29.6%


Other 3.40% 56 Self-Storage Almanac 2018 60.8%


37.7% 1.5%


Source: 2017 Self Storage Demand Study (SSA) 67.1%


29.2% 3.7%


69.5%


25.3% 5.2%


78.8%


19.8% 1.4%


Association of Home Builders, on a national basis, approximately 30 percent of new sin- gle-family homes started since 2013 have a full or partial basement. However, in most instances, this area is no longer used for storage but rather built out to create fam- ily rooms, games rooms, or laundry rooms. When it comes to attics, most remain difficult to access and those that are large enough are most often converted into bedrooms, home offices, or attic apartments complete with windows and staircases.


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