Millennials (also known as Generation Y) are the demographic cohort following Generation X. There are no precise dates for when this cohort starts or ends. Demographers and researchers typically use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years.
Millennials, who are generally the children of baby boomers and older Gen X adults, are sometimes referred to as "Echo Boomers" due to a major surge in birth rates in the 1980s and 1990s. The 20th-century trend toward smaller families in developed countries continued, however, so the relative impact of the "baby boom echo" was generally less pronounced than the original post–World War II boom.
Millennial characteristics vary by region, depending on social and economic conditions. However, the generation is generally marked by an increased use and familiarity with communications, media, and digital technologies. In most parts of the world, their upbringing was marked by an increase in a liberal approach to politics and economics; the effects of this environment are disputed. The Great Recession has had a major impact on this generation because it has caused historically high levels of unemployment among young people, and has led to speculation about possible long-term economic and social damage to this generation.
The majority of researchers and demographers start the generation in the early 1980s, with many ending the generation in the mid-1990s.
Authors William Strauss and Neil Howe believe that each generation has common characteristics that give it a specific character with four basic generational archetypes, repeating in a cycle. According to their hypothesis, they predicted Millennials will become more like the "civic-minded" G.I. Generation with a strong sense of community both local and global.
While people in this age category have always faced the dilemma of moving into the workforce in junior positions while starting life as a couple or parents, today's residential economic realities are making it an even bigger challenge. Gone is the possibility of purchasing a post-war bungalow as a stepping stone home. Even townhouses and condominium apartments are often out of reach.
Tiny Homes offers the possibility or owning a home, building some equity and the ability to save for the next big step. While raising a family in one would be a challenge, starting out on one's own or as a couple in a home of your own, just makes sense.