Will Millennials Keep Buying Houses?
Yes, and that could be a big problem for the housing market in 2019. As Odeta Kushi places it so heavily, there is to be a much higher demand for housings for the millennial generation. What this will lead is the lack of affordability of the houses, and that could lead to less potentiality for homebuyers that do plan on buying a house on the market.
One good thing about this is that the maximum age of the millennial is around 29 years of age and that usually means the time to start home-buying in the eyes of the housing market. With this idea in mind, it leads to more contribution to the first-time buying demands that the market needed.
Considering that there Millennials are to continue making up the largest proportion of the average first-time buyers, there is an expectancy of their mortgages to be around 45%. Second to that would be the Gen Xers as they reach 37%, and in the smallest percentage, the Baby Boomers as they reach only up to 17% of their mortgage accountability. Danielle Hale continued with this claim even further as she expects that the older Millennials will end up moving towards more open options such as mid-upper tier price point options. With this in mind, Hale continues, there is also an expectancy that in 2020, there is going to be a peak in the Millennial home buying in various housing markets.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367