5 Ways Millennials are Changing the Housing Market

Like it or not, millennials are next in line to shift the housing market. And, to no surprise, there are some distinct differences between millennials' housing market practices and their parents - the baby boomers and the X generation.

Millennials are prepared for housing prices to rise. Unlike their older counterparts, 86% of millennials believe that housing prices will rise within the next year.

Millennials aren't so concerned about the pricetag of that dream home. Despite believing prices are only going up, millennials expressed that in 10 years they'll still be able to afford the pricey homes they're living in.

Millennials are less tied down. Moving from house-to-house is a norm in the mind of the younger generation, and most believe they'll be leaving their current home within the next 5 years.

Millennials are more likely to have more valuable homes in the future. They're getting some of the lowest loan costs in modern history, and this will make an impact on how attached they get to that first "starter home."

Millennials are heading towards the real estate business. They're more likely to buy up properties and rent to non-homeowners. In fact, 28% of them say they plan to rent out their existing home someday rather than selling it.

Sources

https://www.redfin.com/blog/2016/05/5-ways-millennial-homeowners-are-different-and-what-it-means-for-housing.html

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