There's a New Buyer in Orange County
The U.S. homeownership rate rose in 2017 for the first time in 13 years. Millennial homeownership was the largest increase of any age group from 2016-2017. This rapid increase could be due to multiple factors. Rent prices are at an all-time high, wages are rising at 2.9% per year (the fastest since 2009), and are in fact the largest population in U.S. history.*
In the next five years, a whopping 66% of millennials are expected to buy homes… and will most likely buy yours.
*statistics sourced from:
https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends | https://www.wsj.com/articles/homeownership-rate-rises-in-2017-for-first-time-since-2004-1517334537 | http://www.goldmansachs.com/our-thinking/pages/millennials/ | http://www.pewresearch.org/fact-tank/2018/05/04/more-than-a-million-millennials-are-becoming-moms-each-year/ | https://www.housingwire.com/articles/42748-millennials-lead-all-other-generations-in-buying-homes