Millennials More Active in Home Search
Millennials, many of whom have had sour feelings about the U.S. housing market following the 2008 crash, are increasingly active in their search to purchase a new home, according to a new study.
Home price increases and the return to a healthier market have contributed to the improvement in sentiment. The study was conducted with RTi Research of Norwalk, Connecticut, during the second quarter of 2019, and included extensive survey measuring consumer-housing sentiment among various millennial age levels.
The study found home price increases in lower-cost homes impacted older millennials (ages 30 – 39). Nearly half (45%) say they purchased a home in the past three years, while 25% say they will likely do so within the next year.
Some estimates include as many as one out of three current purchasers in the greater Las Vegas area to be millennial age buyers, many of whom move to Las Vegas to get more house for their dollars.
While higher home prices in many areas of the country drive older millennials toward renting, they have more positive market perceptions than older generations. More than a third or 37% say purchasing a home within their market is at least somewhat affordable.