Is 2016 The Year Millennials Will Start Buying?

Millennials. They’re the ever-frustrating group that’s been making the real estate industry quiver for years. Where are they? Why aren’t they buying homes? What’s going to happen to the market if they don’t step up? What is going on here?!

Every blip, bump, and bounce has been microstudied, overanalyzed, turned into an infographic and used to define an entire generation whose buying habits don’t seem to behave.

“The lack of buying among first-time buyers in the wake of the economic crisis has had the industry biting its nails wondering if young adults would ever give up renting or move out of their parent’s basement,” said CNN Money

But that might be changing. CNN Money’s article identified “the top 10 markets where millennials represented a large share of new mortgages,” according to Realtor.com, and a few of them may surprise you. The list includes:

  • Des Moines, Iowa
  • Provo, Utah
  • Baton Rouge, Louisiana
  • Pittsburgh, Pennsylvania
  • Lafayette, Louisiana
  • Grand Rapids, Michigan
  • Madison, Wisconsin
  • Clarksville, Tennessee
  • New Orleans, Louisiana
  • Shreveport, Louisiana

The new home trend

Maybe millennials were just waiting for the right thing to buy. A recent article by Prashant Gopal on Bloomberg Business took a look at a new phenomena they called “The return of the affordable starter home.” In particular, the trend is being seen in brand-new homes from builders like D.R. Horton, TriPointe, Taylor Morrison, and Meritage Homes. The one thing the communities have in common: they’re being designed for first-time buyers.

To learn more go to:

http://realtytimes.com/consumeradvice/buyersadvice1/item/41243-20151231-is-