The millennial generation (which is defined as people born between 1981-1996) is the largest in US history, and currently, they’re also the largest in driving homeownership growth.
According to a recent report from financial services company First American, the millennial generation had a huge impact on the housing market in 2018. While millennials still have lower homeownership rates than Baby Boomers or Gen Xers, millennial homeownership rose 1.2 percentage points year over year in Q3 2018—which made households under the age of 35 a larger contributor to homeownership growth than any other generation. And as more millennials approach their thirties and start marrying and starting families, that trend will only grow (according to the report, aging millennials will purchase a whopping 10 million new homes over the next decade).
The Takeaway: If you’re a millennial and have been thinking about buying a home, you’re not the only one. 2019 is a great time to join your peers and make your dream of homeownership a reality.