Millennials making waves in the US property market

Millennial Homebuyers Make US Their Home

07.08.19

According to new research by Zillow, nearly 45m people in the US will reach the typical age of a first-time homebuyers during the next 10 years - 3.1m more than in the past decade - creating more demand in an already challenging market for those looking to buy their first home. The typical first-time homebuyer in the US is 34 years old. There are 44.9m Americans aged 24-33, or potential future first-time home buyers, compared with 41.8m people aged 35-44, or potential past first-time home buyers, a 7.4% increase.

For the past several years, the housing market in the US has been characterised by shrinking inventory and higher prices, particularly in the least expensive third of homes - the homes most likely to be targeted by first-time homebuyers. These starter homes have gained 57.3% in value over the past five years, a median increase of $47,600, while for-sale inventory in this price range has fallen by 23.2%. Over the same time period, the most expensive third of homes gained 26% in value and homes in the middle third appreciated 36.8%.

The growth in potential future first-time homebuyers is more extreme in some markets, including San Diego and Boston, already among the 10 least affordable large housing markets. Both metros will see a nearly 20% increase in the next wave of potential first-time homebuyers compared to the previous wave.

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