Younger buyers are defying expectations and returning to the housing market.
Despite some articles suggesting otherwise, the data shows a significant rise in homeownership among younger generations.
One of our recent posts discussed some data about one end (older) of our age spectrum. Here’s an article that talks a bit about the other end (younger) of the spectrum.
This article provides additional data to support what we’ve already seen about younger buyers not being scared away from the housing market. Here’s a slide we show to our investors to demonstrate how, despite some pundits questioning whether the youngsters are going through a fundamental shift away from homeownership, the data supports that the younger population is not scared of home buying.
This picture shows 2 things:
- Note the big jump in the homeownership rate that happens at age 35 – families/nesting happens in earnest and it’s time to get a home.
- Note that the biggest increase in % compared to 5 years ago is in the under 35 age bracket.
- Millennials are 28-35.
- Gen Z are 12-27.
So…yup, kids turn into adults. And want homes. Let’s get to work.
