A more diverse nation. The "gig" and sharing economies. New attitudes toward ownership. Lower levels of accumulated savings among individuals. These are among the demographic, financial, technological and cultural forces that are transforming America and the way people think of the future.
To better help our lender partners, we're delving into the relevant data and studying the characteristics of different demographics and generations, their views of homeownership and the impact of technology and innovation. We're working on ways to provide lenders with a better understanding of future borrowers' hopes and fears, characteristics and challenges as they relate to homeownership. With such an understanding, lenders and other mortgage professionals can better prepare for the next wave of homebuyers—the Borrower of the Future.
What's Happening Right Now – and What Does the Future Hold?
The borrower of the future is affected, and in many ways shaped, by current and emerging demographic and generational trends. For example:
Our industry talks a lot about data and numbers. But when it comes to the borrower of the future, it's also about understanding the behavior and attitudes behind the statistics. We are leveraging our unique perspective and access to data to help lenders understand how changing demographics and behavioral economics impact homeownership.
We are also partnering with thought leaders on future trends—such as New York University Professor Arun Sundararajan—to shed light on how digital technologies and the future of work affect homeownership. Such collaboration will provide lenders with valuable information on the demographic, economic, technological and cultural factors reshaping the needs and preferences of the future homebuyer. This will support the industry's need to evolve to efficiently and effectively address new market realities.
We're excited to bring you useful, actionable insights to help you prepare for the next generation of homebuyers. For more information, analysis and research on the borrower of the future, and to help guide our research, please visit www.borrowerofthefuture.com.