According to Fannie Mae’s latest Housing Insight report, Millennials’ desire for single-family homes is robust, and should strengthen in the years ahead as this generation enters their 30s, which the report calls “prime years for first-time homeownership.” This article from HousingWire highlights some of the details from the report.
Young adults prefer single-family homes, and in fact, 25-34 year-old homeowners are found to be more likely to reside in a single-family home today than their predecessors, according to the latest Housing Insight Report from Fannie Mae.
The report challenges popular perceptions by showing that today’s young adults, like their predecessors, have a strong preference for single-family homes.
As for why there is a rising popularity of single-family homes, Fannie said that tightened credit standards might have shifted the distribution of homebuyers toward more affluent households.
“Given that housing consumption increases with income, it might then follow that single-family homes, which are typically larger and more expensive than other housing types, would capture an increased share of purchases among all young adults,” the report said.
