In the past ten years, the country has made great strides towards economic recovery, and many millennials who entered the job and housing markets during the downturn have had a chance to pay down their student loan debt and advance in their careers, which means that they finally feel confident about owning a home. In fact, homeownership rates among people in their late 20’s and early 30’s are two to four times higher than any other age group.1
As this younger generation has started entering the housing market in force, they’ve done so in true millennial fashion, bringing technology and suburban sensibility with them. In this article, we’ll discuss how this age group is impacting the market.
Many millennials who would have otherwise purchased a starter home in the mid-2000’s were deterred by the housing crisis and crippling student loan debt. Now that they can afford it, many first time millennial homeowners are opting to purchase nicer homes in suburban areas.
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