“For years, conventional wisdom held that millennials, born from 1981 to 1996, would become the generation that largely spurned homeownership. Instead…they have reached a housing milestone, accounting for more than half of all home-purchase loan applications last year.” writes Nicole Friedman at the Wall Street Journal…(WSJ)
- Not just first-timers. “The generation accounted for 67% of first-time home purchase mortgage applications and 37% of repeat-purchase applications in the first eight months of 2021, according to CoreLogic”
- Just the beginning. The largest group of millennials turned 30 this year which means millennials dominance is likely to grow in the coming decade. ” About 32% of millennials surveyed by housing-research firm Zonda in late 2020 and early 2021 said they planned to buy a home in the next one to three years or as soon as they could save for a down payment.”
- Pre-qualified. A lot of millennials don’t realize they could qualify for a mortgage. “About 31% of older millennials and 43% of younger millennials don’t currently have a mortgage but could qualify for one, according to a Freddie Mac analysis of credit-bureau data.“
I think far too many people have already counted out millennials believing they are destined to have a lower standard of living than their parents. I don’t believe it. As a geriatric millennial we have been through a lot, but we a resilient bunch. Don’t count us out!