For most of this year, the economic news relating to Millennials has been discouraging, ranging from an absurdly high student loan debt burden to a painfully low prospect of decent-paying employment opportunities to a conspicuous lack of aggressive participation in the housing market. However, Zillow is boldly predicting a significant turnaround for the 18-to-35-year-old demographic, with a statement that Millennials will overtake Generation X (the 35-to-50-year-olds) as the largest group of homebuyers in 2015.
“Roughly 42 percent of Millennials say they want to buy a home in the next one to five years, compared to just 31 percent of Generation X, and by the end of 2015 Millennials will become the largest home-buying age group,” said Dr. Stan Humphries, Zillow chief economist. “The lack of home-buying activity from Millennials thus far is decidedly not because this generation isn't interested in homeownership, but instead because younger Americans have been delaying getting married and having children, two key drivers in the decision to buy that first home. As this generation matures, they will become a home-buying force to be reckoned with.”
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