Today, I read two articles expressing opposite views on whether Millennials are buying homes.
The first one is from CNBC.
Historically, first-time homebuyers have represented around 40 percent of the market. Today that number stands just under 30 percent, with recent trends suggesting that it will continue to fall, according to the Federal Reserve. This downward trajectory presents a serious problem — a problem that, if not adequately addressed, will almost certainly engender serious consequences for the housing market as a whole.
The second one is from Yahoo Finance.
But Trulia’s data saw an uptick in home ownership last year for millennials. Demographic shifts account for the change. The rate of young adults who head their own household rose in 2013, back to the highest level since 2010. Kolko says more and more young people are starting to move out of their parents’ homes as they go on to rent and buy.
Who do you believe? I’m not sure. I have not had a lot of younger folks approach me about a house, but I did meet one this last weekend, really into real estate. I think it is mixed right now, but I encourage everyone with young people in their lives to steer them towards home ownership now. It is a great time to buy a house.