Millennial home ownership sees growth in Chicago suburbs
Millennials, defined by the Pew Research Center, as anyone born between 1981-1996, are buying homes contrary to popular belief.
March 12, 2019
- Millennials, defined by the Pew Research Center, as anyone born between 1981-1996, are buying homes contrary to popular belief. Record low numbers of homeownership can be explained by a Freddie Mac study recently published in Washington Post claims that 1.6 million homes are not on the market due to baby boomers and older generations deciding to stay put.
- However, 42 cities saw Millennial homeownership rise this year, number 12 on the list of millennial homeownership was Naperville. Median home values sat around $290,000.
- Millennials are delayed in traditional life stages, such as homeownership, due to crushing student debt and marital age rising. A survey by Apartment List, showed that at least 9 in 10 millennials want to purchase a home.
- Ernst and Young recently published a study citing that while Millennial homeownership is low, it increased from 27% to 47% for the older half of the cohort.
Source: JLL Research, Pew Research Center, Washington Post, Freddie Mac, Apartment List, Housing Wire