Millennials, for the most part, are a generation of renters. Only 36% of Americans under the age of 35 owned their homes as of 2016, according to a Census Bureau survey. But that 36 percent is significant, because it’s an increase from 34.7 percent a year earlier.
The current housing market, to an extent, is being determined by millennials. After moving out of their parents’ houses and forming households, the next step tends to be having kids. The largest home-buying generation since the baby boomers is growing up. Here are five reasons why millennials are starting to pull the homeownership trigger, according to a survey by Nerdwallet’s Milliennials & Homebuying Survey:
To sum it up, “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
These are just a few reasons why some millennials have decided to buy homes recently. There are many more reasons that people at any age decide to buy a house, but there is no denying that this demographic is likely to continue being the central force in the real estate market for decades to come.