Over the last several years, millennials have rented to stay nimble and keep work opportunities open. Now, they’re ready to buy.
Why it matters: About 4.8 million millennials are turning 30 in 2021, and many are expected to enter the home-buying game if they haven’t already.
- This wave of new buyers will have the opportunity to build and pass on wealth, and shape the market for years to come.
Flashback: Leading up to the financial crisis of 2008, many people bought homes they couldn’t afford, allowing developers to gobble up foreclosures, David Kennedy, president of Charlotte-based Canopy MLS, tells Axios.
- We’re still feeling the impacts of that, but it allowed first-time millennial buyers to head into the market with the knowledge their first home may not be their dream home.
- They’re more open to multi-family options like condos and quadraplexes, so they can start building wealth despite today’s low inventory of single-family homes.