According to an infographic recently released by Inman, the real estate industry needs to stand up and pay attention to millennials, because they “will greatly impact and shape the residential real estate market, as well as housing design and development.” Further, “they are the largest source of new demand for rental housing and first-time home purchases.” As the infographic describes, millennials are “projected to be 3/4 of the workforce by 2025” but half of millennials are currently renting. This means there will be an onslaught of millennial homebuyers coming onto the market as time progresses.
But why are so many of them waiting to buy homes? The infographic cites “excessive debt, rising rents, slow wage growth, tight lending environment, can’t find home in desired price-range, increased college enrollment, delayed marriage/children” as reasons, but says that over half of millennials say student debt is their “biggest obstacle to buying a home.”
If you’re a millennial thinking about leaping into homeownership, we’re here to help.