Millennials Continue to Shake Housing Market
Millennials Leading the Way
Millennials are increasingly entering the housing market as first-time buyers and are expected to lead the growth in new home buyers too, the National Association of Home Builders reports from its analysis of Census data. The overall homeownership rate of millennials is at 36 percent, which is the largest gains among all age groups in 2017, the Census data shows. Millennials are the nation’s largest demographic group, and more than 70 million are expected to enter the housing market over the next few years. “Millennials are recognizing the benefits of homeownership and are eager to buy their first homes,” says Randy Noel, chairman of the NAHB. “And contrary to conventional wisdom, this generation is in the market for single-family homes in the suburbs as they look ahead to raising their families.”
Source: National Association of Home Builders
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