The largest, most diverse generation in U.S. history has experienced setbacks, but many are now moving past student debt and the effects of the Great Recession into their prime buying years.
"We've only seen the beginning of millennial housing demand," writes Hillary Hoffower to amplify the points made in a recent "commentary" written by Dana M. Peterson for Barron's [paywall]. Unless you have a subscription to Barron's, Hoffower's aggregation will have to stand in for the analysis provided by Peterson, who is the chief economist at non-profit The Conference Board.
Many Millennials are just now entering into peak home-buying years, according to Peterson's argument. Many have struggled for years to build up the necessary cash to buy a home thanks to the Great Recession and a "mountain of student debt" incurred by the record high cost of college.
"The sheer size of the millennial population, and the fact that they are just entering peak years for starting families and earning money, means that demand for housing has room to run," writes Peterson for Barron's.
The implication, of course, is that a new glut of Millennial homebuyers is adding additional demand to a housing market already sodden with low-interest rates and competition from institutional buyers, work from home, and a lack of existing supply.
FULL STORY: Millennials Will Drive Home Prices Up for Years to Come
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City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research