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MILLENNIALS Will Drive GROWTH in HOME SALES
JONATHAN SMOKE
Chief Economist
Realtor.com
The U.S. has been celebrating a strong recovery in the housing market and solid growth in sales for the last two years. One area of disappointment has been the depressed level of first-time buyer activity. Since more than 60 percent of first-time buyers are millennials, this generation's plans and challenges are key to seeing first-time activity returning to normal.
Numerous factors have limited the millennials entry into home ownership so far.
Lack of economic opportunity through the recession and early years of the recovery.
Slower rate of household formation and a higher likelihood to live with their parents.
Very tight credit conditions to qualify for a mortgage.
High and ever-increasing rents taking a larger share of their income which restricts their ability to save for a down payment.
A small supply of homes for sale, especially in more affordable price points.
Millennials are critical to the future of U.S. housing and to the economy overall. They are the country's largest generation outnumbering baby boomers by 5 million, and have represented the largest share of homebuyers since mid-2012. Given their numbers and current ages, millennials will hold this position for at least the next 10 years.
Many inhibiting home buying factors with this generation have ... more

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