Understanding homeownership trends among individuals under 35 in the United States is pivotal for insurance providers aiming to effectively engage this demographic as they transition into the home-buying market. As of 2023, Statista reported that the homeownership rate for this age group was 39 percent. This statistic reflects a shift in preferences and financial milestones among young adults, reflecting both economic realities and evolving societal norms that insurance providers should take into account when targeting this age group.
Younger potential insurance consumers prioritize factors beyond policy coverage when making purchasing decisions. According to ThinkAdvisor, 51% of Millennial and Gen Z consumers identified affordable coverage as the most crucial factor when shopping for home buyers insurance. Online accessibility to plan details is also significant, reflecting younger generations' preference for digital services in the buying process. A straightforward and transparent approach is essential for effectively engaging buyers looking for the best home insurance.
Given the lower rates of homeownership among younger generations, it is crucial to meet the insurance needs of high-intent young buyers who are either ready to purchase or have recently done so. Several factors can play a role in shaping the home insurance buying decisions of younger buyers:
By addressing these factors, home insurance companies can effectively engage with high-intent young buyers, build trust and meet their specific needs in the home insurance market.
At Digital Media Solutions (DMS), we use advanced performance marketing strategies to connect you with your ideal audience. Our custom audience-building tools and real-time verification enhance campaign effectiveness, while comprehensive reporting and automatic analysis of returns optimize targeting strategies. This approach can help insurers reach high-intent Gen Z and Millennial home insurance consumers more effectively by leveraging data analytics for personalized offers and insights into the evolving preferences of this demographic.
DMS Insurance offers a comprehensive suite of products that deliver customers to our nation’s largest home insurers and their respective agent pools. Our proprietary ad exchange strategically positions branded ads, targeting high-intent consumers at the ideal points and places in their insurance buying journey, effectively encouraging engagement and action. Contact DMS today to learn more about how we drive better business results for our clients.