A new, unexpected trend is being seen with millennials over the last year. Millennials are moving out of their apartments and moving into single-family homes. This is causing a decrease in the rental market but an increase in the housing market for this demographic. With this shift, realtors are working with millennials to find housing that best meets their needs.
Below is an article from therealdeal.com that describes the changes millennials have been making from renting to homeownership over the last year. After reading the article, give us a call at Carney Realty so we can work to help you find the home that is right for you.
Source: therealdeal.com | Re-Post Sean Carney 11/9/2017 –
Sorry, apartment landlords, but it looks like millennials are interested in settling down and buying houses after all.
According to the U.S. Census Bureau, homeownership rose to 63.9 percent in the third quarter of the year, the highest rate it has reached since 2014, the Wall Street Journal reported. This is partially due to millennials hitting that age where a house and a family start to seem more appealing than an apartment and a fledgling improv career.
The growing homeownership rate could bring an end to the strong rental market, with American Homes 4 Rent having already reported disappointing growth in revenue for the third quarter. The supply of rentals has also shot up, with the seasonally adjusted rate of apartments under construction hitting 596,000 in September, almost double the long-term average of 300,000.