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The Millennial Baby Boom And The Housing Market
Millennial women account for about 8 in 10 (82%) of U.S births in 2015 according to the National Center for Health Statistic. Also found in this study, was that this new era of millennial baby boomers are choosing to have children later in life (42% of millennial women becoming moms in 2014 compared to the 49% of Generation X women). This decision, a combination of social factors, but most likely due to “a shift away from marriage, increasing educational attainment and the movement of women into the labor force” says Pew Research Center on this topic.
What does this mean for the housing market?
As most millennials have yet to reach the average home-buying age of 32 (according to the National Association of Realtors), we will see only increases in millennial homeownership.
Something to keep in mind:
Even though we might be waiting for this new millennial baby boomer wave to start buying, they are the largest demographic group out there right now. Why is this important? Well, according to chief economist for realtors.com, Jonathan Stokes, “at any given time… demographics would explain 60-80% of what is happening [in the market]”.
Millennials are buying homes later in life as compared to past generations, but they are one of the most important demographics to pay attention to since they are the largest. While millennials are waiting to buy, they are still concerned with family life which can narrow the types of houses we are showing, where those houses are, and the price range of those houses.
Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....
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