There’s A New Buyer In Town: Millennials
The U.S. homeownership rate rose in 2017 for the first time in 13 years. Millennial home ownership was the largest increase of any age group from 2016-2017. This rapid increase could be due to multiple factors. Rent prices are at an all-time high, wages are rising at 2.9% per year (the fastest since 2009), and are in fact the largest population in U.S. history.
In the next five years, a whopping 66% of millennials are expected to buy homes…and will most likely buy yours.