Interesting report from the The Demand Institute on Millennials and the opprortunities and challenges they face in achieving home ownership.
Millennials will spend over $2 trillion on home purchases and rent in the next five years.- Millennials' housing aspirations are not so different from previous generations.- Most plan to purchase homes and live in suburbs, and nearly all already have cars. Millennials will play a critical role in shaping housing demand over the next five years, concludes a new report by The Demand Institute (TDI). They will spend $1.6 trillion on home purchases and $600 billion on rent, more on a per-person basis than any other generation in the next five years. Millennials will make up one in every four dollars spent on housing over this period. According to the report, there will be 8.3 million new millennial households formed between now and the end of 2018 as these young adults increasingly venture out on their own. While most of these new households will rent, many existing millennial households will purchase homes. The vast majority plan to buy a home in the future.