Millennials Changing Real Estate

Part of our Long Island Real Estate content aggregation series. 

How Millennials Are Changing the Real Estate Market

Byron Carlock of PricewaterhouseCoopers shares how millennials are driving the real estate market.

Millennials Changing Real Estate

Listening to many of the stories being told about millennials (generally categorized as those born between 1981 and 2000) might lead one to believe they are all lazy and entitled individuals who live in their parents’ basements. But research shows a different story—especially where homeownership is concerned. According to a consumer housing trends report from Zillow, half of today’s homeowners are under the age of 36, and half of sellers are under 41. “Millennials are shaping the market more than anyone realized,” says Zillow chief marketing officer Jeremy Wacksman.

“As the median age of the millennial generation rises into the 30s, they are making the decision to purchase homes,” says Byron Carlock, U.S. real estate practice leader at PricewaterhouseCoopers. “They have waited longer to enter the market, so their income levels are higher. In addition, they may have avoided renting by living at home or with roommates, so they have more saved to apply to their first home purchase. The result has been that [many] are bypassing the traditional starter home and purchasing higher-end homes.” According to the Zillow survey, the median income of millennial home buyers is $87,500; those who make less than $5... Full Article At

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