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Millennials And The Real Estate Market
Millennials currently make up the largest segment of homebuyers. This boost is to both the real estate and retail sectors since new homeowners need to furnish and adore their homes with everything from furniture and textiles to kitchenware and gardening.
Due to the recent economic recovery, millennials are now spearheading the market after being directly affected by the most recent recession when they were graduating college. According to the U.S. National Bureau of Economic Research, the recession began in December 2007 and ended in June 2009. After graduating college, this age group had to suffer through unemployment/underemployment, large wage gaps, or temporary employment. Many had to go back home to live with their parents. There wasn’t enough job stability or confidence to make a financial decision and commitment to something like a mortgage.
Millennials are not only gaining job stability in a stronger economy, but they are also getting married and starting families. Though not much, the marriage rate has steadily increased in recent years, thus creating the need/want to purchase homes.
If you’re a millennial and looking to explore your real estate options, feel free to contact me at 201-240-8422.