Millennials, long viewed as perennial home renters who were reluctant or unable to buy, are now emerging as a driving force in the U.S. housing market’s recent recovery.
Demand from millennials, who today range from their mid-20s to late 30s, has been increasingly important to the housing market since at least the middle of the last decade. But more recently, these new homeowners have been pushing aside older generations to become an even bigger influence. Millennials reached a housing milestone early last year when the group first accounted for more than half of all new home loans, and they consistently held above that level in the first months of this year, the most recent period for which data are available, according to Realtor.com. The generation made up 38% of home buyers in the year that ended July 2019, up from 32% in 2015, according to the National Association of Realtors.
The group last year also surpassed baby boomers as the biggest living adult generation in the U.S., according to the Pew Research Center. The largest cohort of millennial births was in 1990, Pew said, meaning that group turns 30 sometime this year. “We anticipate as they turn 31 and 32, we’ll just see homebuying demand grow,” said Odeta Kushi, deputy chief economist at First American Financial Corp. Millennials could be responsible for at least 15 million home sales in the next decade, the firm said.
Yep, good things come to those who work hard. Keep up the great work!
'Experts' wrong again
Until in a years time they can’t afford the Council rates, Water rates, insurance and can’t just pack up & leave a trail of unpaid bills because they have their own home that can be repossessed...
We were renting because we had so much more student debt than any other generation and came out of college to an insecure job market. Now we’re turning 40, and some have been out of college for almost 20 years, so we can finally buy meager starter homes.
Well if you're going to have to shelter in place youre going to need to have a bigger place and with all the aging Trump supporters and his now unemployed wage workers about to be foreclosed out of their homes, it's a buyers market.
Of course bc they're afraid to live in dangerous, police-defunded Dem-controlled cities. And they can work remotely! VoteInPerson
Millennials who lived through 08 housing crisis & saw the $$$ made by people who were financially secure enough to buy a house while they couldn't have been waiting for a recession to buy. Ironically, that means that despite the recession, housing prices haven't gone down at all
Mom looks like she's in the Ginyu Force
Now if we can just finish off the baby boomers we can continue to flourish. Boomers have been hogging and ruining everything with never ending greed!
No jive. You actually thought they wouldn't BUY homes?
not so shit now that we pay your bills hm?
We take the stress out of getting a new address. NoStressAddress
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