The Z Report: Are More Millennial Homebuyers on the Horizon?
May 17, 2019
The latest survey data from The Z Report predicts that homeownership trends could be impacted by millennial homebuyers who are starting to catch up to traditionally adult milestones.
The report, published by the research firm Zelman & Associates, included the latest ACS data from 2017 as part of their analysis. That data indicates that older households were significantly less effected by the housing crisis than younger households.
Interestingly, though, it was the 25- to 29-year-olds in the top 15 percent of household income in 2017 who had the biggest shortfall to peak ownership compared to their lower-income counterparts. The research firm notes that a lack of affordability can be ruled out for this discrepancy, instead suggesting it’s due to demographic shifts, including the increased likelihood that these individuals are unmarried, childless and not in need of space.
From The Z Report:
While it is taking longer for young adults to reach these milestones, as they increasingly catch up for time lost overlapping the Great Recession, we anticipate that homeownership trends will follow.
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