- Millennials are finally looking at the housing market.
- Housing is in short supply for those millennials looking to buy.
- Millennials officially surpassed Baby Boomers in 2017 as borrowers for high-end mortgages.
Whether you call them the Selfie Generation, Generation Me or the Do-Gooder Generation, it’s clear that millennials are the biggest and most economically powerful population on the planet. And that fact isn’t lost on the real estate and business worlds. Everyone from condo developers to landlords to office-sharing firms to co-living startups have been tripping over themselves for years now to cater to those born between the early 1980s and the late 1990s. But as millennials age and gain wealth, their real estate preferences and spending habits are changing. “Millennials are finally starting to look at the housing market,” said Realtor.com’s chief economist Danielle Hale.
To be sure, they are still tenants, with more than 18 million millennial-led households renting at last count — more than any other group. And a large percentage of them have put off buying because they are saddled with student-loan debt. In addition, Hale noted that with construction down, there are “not a lot of properties available for them.”See the rest of the story at Business Insider
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