Claire Schrantz

Millennials Account For One Third Of Real Estate Transactions

Claire Schrantz
Millennials Account For One Third Of Real Estate Transactions

Since the housing crash, millennials have been a prominent talking point in the debate about recovery. As Market Watch noted in 2014, it’s not that millennials weren’t interested in buying homes, but rather that this demographic didn’t find the prospect attainable after the Great Recession. Saddled with student loans and a challenging job market, many millennials have been opting for renting a room or apartment, if not living with parents. 
 
But things are looking up. As millennials move into their 30s and begin establishing themselves financially, homeownership is finally on their radar. 90% of millennials say that they plan to buy a home during their lifetime.
 
“Millennials have been fairly slow to get into the market, but we are seeing an uptick in millennial buyers this year,” said Lawrence Yun, chief economist at the National Association of Realtors (NAR) in a recent article with NBC. Yun says this trend is “a good sign, because as home values rise, we want a wider number of people to participate in this housing recovery.” 
 
“There's a pent-up demand and as the economy continues to improve, we expect to see more people in their early thirties, adults who are still living with their parents - clearly not their idea of the American dream - begin to look for their own housing units,” said Yun.

Sources: Bigger Pockets, NBC