Have you noticed that many Millennials are slower to leave home than previous generations? The oldest in the age group, generally considered those born between the early 1980s and the late 1990s, launched careers during the recession. Jobs were scarce, earnings were stagnant, and as a generation, they accumulated record amounts of student debt. Many simply couldn’t afford to leave home. And that slowed household formation and demand for housing.
Here’s the good news: Recent economic reports show a steady shift toward more jobs and increased wage growth. Millennials may leave home soon after all. What could that mean for the housing market? Well, as demand increases, supply could fall and prices could rise further.
And what could this mean for you?
Thinking of moving? Sellers may have a good opportunity to sell quickly and at a good price. Buyers may want to shop early before prices increase more.
Planning to stay put? Home values will likely increase as demand increases. If so, you may rest comfortably knowing the equity in your home is growing.
If you or someone you know is considering a change, please let me know. We will be happy to help.