July 31, 2015 | by Katie Claflin
Categories: Affordable Housing, First Time Buyer, Homeownership
The Pew Research Center estimates that in 2015 millennials (defined as those between the ages of 18 and 34) will surpass baby boomers as the nation’s largest living generation.
By the end of the year, there will be a projected 75.3 million millennials in America, compared with 74.9 million baby boomers.
Due to its sheer size, it’s no wonder that the millennial generation has been the focus of so much discussion over the past few years. According to Jed Kolko, Chief Economist for Trulia, “Whatever this age group does, whether it’s housing or jobs or consumer spending, will have a big effect on the economy.”
For this week’s blog post, we would like to share the results of the most recent How Housing Matters study, which was conducted by Hart Research on behalf of the MacArthur Foundation. The study interviewed more than 1,400 adults, including an oversampling of millennials, about their experiences, attitudes and perceptions about the housing market.
Below is an overview of some of the report’s key findings, as summarized in a Wall Street Journal blog post:
Despite the challenges, the How Housing Matters study also finds that millennials are optimistic about their future as homeowners. For example, 73% of millennials who are not homeowners indicate that it is at least a medium-level priority for them. Additionally, 60% of millennials believe that buying a home continues to be an excellent long-term investment.
Millennials’ views on homeownership are likely to play a major role in the housing market in the coming years. To learn more about millennials' housing challenges and preferences, we recommend the following resources:
Los Angeles Times: Millennials are Finally Entering Home Buying Market
National Association of REALTORS®: The 8 Fastest-Growing Cities for Millennials
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