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Estimate the total no of millennials that own homes in the US
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in Estimation by (24 points) | 420 views

3 Answers

+2 votes

Number of Millennials that own the house:

(Number of Millenials) * ( % Owning House)

((Total US Population) * ( % of Millennials)) * (% Owning House)

Consider total US population be 320 Million and following can be percentage breakdown of population:

0 - 21: 25%

22 - 40: 25% (Millennials)

41 - 60: 25%

60 - 80: 20%

80 - : 5%

((320 Million) * (25% of Population) ) * (% Owning House)

Population of Millennials: 80 Million

(80 Million) * (% Owning House)

What can be millennials doing right now:

1. College: 20%

2. First Few years of Job: 30%

3. Experienced Professional: 50%

Characteristics of anyone owing a house:

1. Stable Job

2. Stable relationship

2. Good Income

What % of millennials own a house:

1. College: 20% * 10% = 2%

2. First Few years of Job: 30% * 20%= 6%

3. Experienced Professional: 50% * 50% = 25%

% Millennials Owning House: 2%+6%+25%=33%

 

Number of Millennials that own the house:

(Number of Millenials) * ( % Owning House)
80Million * 33%= 26.6 Million
 
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My approach would be:Estimate the total number of millenials in the USAI would go with a simple distribution by age, ie assume there are 320 Mill Americans, equally distributed across 80 years of age. Thu…See more

by (13 points)
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I would try to first clarify that Millenials means people born from 1981 till 2000, that is currently of the age 20-40 years of age. As Total population of US is 300M and life expectancy is 80 years, hence 4M…See more

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