Real estate market analysis from housing prognosticators continues to leave many agents and brokers to wondering when exactly first-time home buyers — including and especially the Millennial generation — will finally enter the housing market.
Poor economic conditions, high debt loads, and stringent lending standards have prevented countless members of Generation Y, and even many Generation Xers, who have been waiting to buy homes from actually doing so. It’s certainly not the best real estate market trend.
With housing affordability on the rise, mortgage rates remaining historically low, and economic sentiment and situations improving among Millennials, though, it’s looking more and more likely these prospective first-time homeowners will soon finally realize their dreams and enter the housing market.
Take a peek at the economic and real estate statistics below that indicate Millennials are ready to hire real estate agents and purchase homes in the coming months — and perhaps into 2015 and beyond.
Half of 25-to-34-year-olds project to account for half of first-time buyers in the next decade. (Harvard University’s Joint Center for Housing Studies) CLICK TO TWEET
A third of homebuyers during the first quarter of 2014 were Millennials. (National Association of Realtors) CLICK TO TWEET
Mortgage rates should remain near their record lows through the end of the year and start of 2015. (Bankrate) CLICK TO TWEET
Credit standards are easing for first-time buyers, which is great news for many Millennials with low scores. (Wall Street Journal) CLICK TO TWEET
Home prices are expected to improve between May 2014 and May 2015, with a predicted rise of 6%. (CoreLogic) CLICK TO TWEET
Numerous major metros are becoming affordable for Millennials, like Dallas, Denver, and Seattle. (National Association of Realtors) CLICK TO TWEET
77% of Millennials are confident they’ll know how to organize personal finances in the future. (Wells Fargo) CLICK TO TWEET
From 2015-25, Millennials are forecast to form 24 million new households. (Harvard University’s Joint Center for Housing Studies) CLICK TO TWEET
Many young renters aspire to buy homes soon, as they view homeownership as more ideal than renting. (Fannie Mae) CLICK TO TWEET
The 90+ day student loan delinquency rate declined during the first quarter of 2014. (TD Economics) CLICK TO TWEET
From February 2013 to December 2017, home values are forecast to improve by an average of 22%. (Zillow) CLICK TO TWEET
Over 80% of Millennials say they are either currently comfortable financially or will be soon. (Pew Research Center) CLICK TO TWEET
The U.S. economy is expected to grow 3.1% in 2014 and 3.4% in 2015, according to The White House. (Reuters) CLICK TO TWEET
The Millennial workforce percentage is rising in many big cities, like Chicago and Washington, D.C. (CareerBuilders) CLICK TO TWEET
Eight in 10 Millennials cited the recent recession as the main reason they’ve become better savers. (Wells Fargo) CLICK TO TWEET
Older residences, including foreclosures, are providing Gen Yers countless affordable home options. (National Association of Realtors) CLICK TO TWEET
Check out housing market stats from earlier this year in our post First Half of 2014 Industry Update: 32 Stats That Signal an Improving Housing Market.
Do you think first-time buyers will make an impact on the housing market in 2015? Share your thoughts with us below.
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