Millennials Starting to Buy
A week doesn't go by that you don't hear a story about young adults still blissfully living at home with their parents -- the parents you may have sold a home to.
So where will your new buyers be coming from? What happened to that classic American dream?
Well, it's back on track. Not everyone wants to rent, and the system is easing back to equality. Homeownership is on the rise and expected to reach previous normal levels again soon as several studies* have recently shown. In fact, Millennials are more optimistic than other adults about America's future; 49% of Millennials say the country's best years lie ahead. Some demographers even refer to them as "The Next Great Generation."
The sheer volume of Gen Y or Millennials as they are also known, is tabulated at 86 million, the biggest since the Boomers. And while Gen Y is setting up careers and starting families (and buying homes to put them in), the Boomers are selling and downsizing and buying new, smaller homes to live in. Homeownership is also expected to rise in urban areas due to changing cultural demographics of the American population.
While some things are different, some things never change. A new surge of home buying, selling and lending lies ahead. Let's all welcome it.