Millennials Are Buying
The Millennial Generation has been coined the generation that refuses to settle down and buy a home since they chronologically reached adulthood.
To be fair: at one point or another every generation has been seen as unworthy of or incapable of living up to the last generation.
“The children now love luxury. They have bad manners, contempt for authority; they show disrespect for elders and love chatter in place of exercise.” -Socrates 400 B.C
And so, our newest generation of adults have their own stereotype.
Assumed to not want to purchase a home as they reached an eligible age.
What we are seeing now that Millennials are entering their late twenties and early thirties is they actually do intend on buying homes.
But what took them so long?
There is a lot of debate on that question.
Graduating into a slow job market perhaps?
Watching their parents get hit hard by the most recent credit crisis?
The more important point is that The Millennial generation's entrance into the housing market will be good for the value in homeownership up for all of us.
They are showing up later in the home buying game than their elders, but they are showing up.
Millennials are now projected to be the leading cause for a dramatic increase in demand for housing when we look at the next 5 years of projected data.
(See more here: The full potential of housing is still ahead of us. )
Owning a home historically has been one of America's greatest long term investment opportunities.
This system works best when each generation participates in the market.
I think we will see history repeat itself through this generation's entrance into our housing market.
In the end, despite their late entrance, it is a good thing for all of us.