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Millennial Power Poised to Boost Homeownership
In a recent article by Realtor Magazine, Mark Fleming, Chief Economist of First American Financial Corporation, notes,
“The largest group of millennials by birth year will turn 30 in 2020, which puts them entering their prime homebuying years”.
The article continues to describe how millennials have more buying-power than the generations that preceded them, making their interest in embracing homeownership stronger than ever,
“Millennials—the most educated generation—have the highest incomes across their generational cohorts, even when salaries are adjusted for inflation.”
This combination of power and desire has the potential to drive positive growth in the homeownership rate heading into the near future. According to Fleming,
‘“The gap between the potential and actual homeownership in 2018 narrowed slightly as the growth in homeownership modestly exceeded the increase in potential demand,” he says, citing First American’s Homeownership Progress Index.
“We expect the homeownership rate to further close the gap with potential in the years ahead as millennials continue to make important decisions, such as attaining an education and, later in life, getting married and having children.”’
That said, the shortage of sellable inventory in the entry and mid-range levels that’s attractive to potential millennial buyers may be a contributing factor as to why many millennials haven’t yet purchased a home. ... more
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