(Source: The Washington Post) — They’re here. For years, real estate agents and builders eagerly anticipated the entrance of millennials into the housing market.
Millennials, a generation now larger than the baby boomers, were battered by the financial crisis as they started their careers and delayed some of the milestones that accompany homeownership, such as marrying and starting a family. But in 2018, millennials represented the largest cohort of home buyers at 37 percent, according to the National Association of Realtors’ 2019 Home Buyers and Sellers Generational Trends Report.
While it’s difficult to generalize about what the Pew Research Center estimates are more than 73 million Americans, real estate agents and observers see some trends among millennials.
“Millennial home buyers are often looking for a lot at first and then they’re scaling back as they start searching for a home because of high prices and the limited selection of homes in most markets,” says Danielle Hale, chief economist for Realtor.com.
Despite the obstacle of low inventory of homes on the market, millennials are not likely to compromise on the condition of the home, which Hale says is in part because of their lack of experience as homeowners. Read more about what millennials want here.
Did You Know?
Lewis & Clark Development Group partners with the North Dakota Housing Finance Agency and the Village Family Service Center to offer the eHome America Homebuyer Education program to clients and the general public.