Finally Friends? The Housing Market & Millennials
Millennials are making strides in homeownership.
According to the Pew Research Center, millennials have now surpassed baby boomers as the largest living adult generation in the U.S.
And with being the largest living adult generation, comes homeownership. These younger home buyers in their 20s and 30s have become a major contribution towards assisting the real estate market’s rebound.
July saw a huge surge of existing-home sales by nearly 25% – which is the highest seasonally adjusted annual rate since December 2006. With historically low interest rates, the dream of homeownership has become reachable.
So, just how many homes are millennials predicted to purchase? First American Financial believes the generational group could purchase at least 15 million homes over the next decade.
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