Millennial Homebuyers a Major Opportunity for US Housing Market

724 483 The Advantage Group

Over the next five to ten years 3.1 million millennials are going to enter the age of typical first-time homebuyers. However, due to low inventory for homes, student debt, and delayed marriage (amongst other factors), almost 22% of millennials are returning home to live with their parents after college graduation.

According to a recent analysis by  Zillow reports that “nearly 45 million Americans will reach the general age of first-time homebuyers in the next 10 years, 3.1 million more than in the 10 years prior.” Additionally, CNBC states that “fewer of them can afford to buy a home. The homeownership rate among millennials is about 8% lower than previous generations at their age.”

Additionally, over the last five years, prices for starter homes have increased 57%, while inventory is down 23%, according to Zillow.

This presents an opportunity for homebuilders to build new homes, at the right price, for the incoming wave of new home buyers.

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