The Future of the Housing Market & Millennial Buyers
The real estate industry has always kept a close eye on the millennial generation – and with millennials earning higher salaries, getting married, and working from home, it looks like the age group has dominated the market and will continue to do so for some time.
According to Barron’s, a weekly newspaper published by Dow Jones & Company, Millennials have accounted for the largest share of home buyers over the past year – 37%. Millennial homeowners aged 30 to 44 have also jumped by 1.3 million during the pandemic.
Millennials are certainly changing the ideas of marriage, but married couples aged from 31-40 were more likely than any other age group to purchase homes. Homeowners who were not married and were the largest group of unmarried buyers still fell in the millennial range of 22-30.
Barron’s article also reports that millennials are reaching points in their life with higher salaries.
There is still plenty of opportunity for more and more millennials to become homebuyers within the next few years. Real estate experts will continue to keep a close eye!
For more insights in to the real estate industry, stop by Kittitas Title’s Blog!