The Millennial generation is frequently a topic of discussion in the real estate industry along with almost every other. While fascination in any cohort that is emerging into adulthood is a recurring theme in modern history, the immense size of the Millennial population has heightened anticipation of their entrance into the housing market. However, the first young adults in this generation haven’t participated in the housing market as much as other generations have during the same stage of life. This phenomenon has greatly shaped the housing landscape. But it has affected the rental market and ownership market differently.
At the root of the issue: Household formation among Generation Y is down. In order to form a household, a person, family or other group of people must occupy a rented or purchased dwelling. But the first young adults in the Millennial generation haven’t consumed housing units – therefore haven’t created households – at the same rate as young adults in the previous generation.
Read more...For Millennials, Low Ownership Rates Weigh on Household Formation | Property Management Insider
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