The Gradual Millennial Migration Into Homeownership
When it comes to housing, the experts have examined the Millennial demographic with a mix of excitement, curiosity, and befuddlement. Millennials, a term that is often used to define today’s 25- to 34-year-olds, are not well understood (yet) by lenders and brokers.
An overwhelming majority of Millennials who are renting (an estimated 91 percent) have indicated plans to own a home at some point in the future.
According to recent data from Fannie Mae’s National Housing Survey™, compiled by the company’s Economic & Strategic Research (ESR) Group, many Millennials who are currently renting homes say that it makes more sense, financially speaking, to own a home than rent.
“So although they haven’t been achieving homeownership at the same rate as their predecessor generations, they still express a large preference for homeownership,” says Patrick Simmons, director of strategic planning and business strategy for ESR.
The Kinds of Homes