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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 

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