Where are the Millennial Homebuyers?
Millennials refer to those born between 1980 and 2000, and they make up the second largest segment of homebuyers according to a study on generational housing trends conducted by the National Association of Realtors. So where have they gone? The weight of student loans has significantly affected the rate at which Millennials are making home purchases, with many college graduates struggling to keep up with the hefty payments after graduation. The tough job market and current economic conditions are also contributing factors to Millennials renting homes rather than purchasing. The good news, however, is that consumer confidence about the potential to qualify for a mortgage is increasing, meaning that this segment is moving closer to becoming first-time homebuyers. According to Fannie Mae’s National Housing Survey results, an all-time high of 52% of consumers now view mortgage credit as more accessible. Not all Millennials are worried about qualifying for mortgages, but simply ho