Many have been wondering when the much anticipated move by Millennials’ into homeownership would actually take place. We know the belief in owning a home is there.
According to a recent Merrill Lynch study, eighty one percent of Millennials believe “homeownership is an important part of the American Dream”. This compares favorably to previous generations.
The obstacle seemed to be employment. It appears that is about to change.
The most recent jobs report disappointed many economists. However, the silver lining in that cloud of doubt was Millennials. Jonathan Smoke, realtor.com Chief Economist, reported:
“About 33% of civilian jobs created over the last 12 months have been for the young adults who are most likely to buy their first home. This should help support continued growth in the share of homes purchased by first time buyers, as economic success has been influencing older Millennials to jump into the housing market this year.”
Selma Hepp, chief economist at Trulia, concurred:
“The faster rate of job growth among Millennials will continue to bolster both the rental and for-sale housing markets for an extended period of time.”
It appears that Millennials will be entering the housing market in great numbers in the very near future.