Millennials are “very into real estate,” according to Realtor.com economist Jonathan Smoke. “Real estate is cool again – especially for young people.” This article from The Dallas Morning News highlights some of the reasons why more millennials are starting to make their move towards home ownership.
When it comes to the housing market, increasingly it’s all about the millennial.
“They are not only the future, they are the present for housing,” said Jonathan Smoke, the top economist for Realtor.com. “They are the biggest age group buying homes today.”
Millennial buyers currently account for almost 30 percent of nationwide home sales, according to the latest surveys by the National Association of Realtors.
“Millennials are 60 percent of first-time home shoppers,” Smoke told Realtors who met in San Diego over the weekend for the industry’s annual conference. “There are 87 million of them. They outnumber every generation – including the baby boomers,” he said. “By the end of the year, almost 2 million home sales will be to millennials.”
Millennial buyers will have an even greater impact in Texas, where large numbers of young workers are moving to take thousands of new jobs, Realtor research shows. The state already has a slightly higher percentage of first-time buyers than the rest of the country.
Three-fourths of millennials that bought homes this year came out of apartments.
Another 20 percent are leaving their parents homes after graduating from school and starting careers, Realtor research shows.
“They are suffering from ever-increasing rents – that’s driving those that can into the market,” Smoke said. “They are dreaming about escaping from mom and dad’s basement.”
