Harvard University’s Joint Center for Housing Studies projects that the millennials — the largest and most diverse generation in history — will make up 24 million new households between 2015 and 2025, substantially boosting demand for rentals and starter homes. Read more[su_video url=”http://irrealty.ca/wp-content/uploads/2014/07/Millenials.mp4″ poster=”http://irrealty.ca/wp-content/uploads/2014/07/MillenialImage.jpg”]
McMansion? Forget it. Unmarried? Doesn’t matter. In many ways, this millennial couple fits the profile of the next generation of homebuyers that will drive the housing market in the years to come.
That’s according to the research of Sherry Chris, CEO of Better Homes & Gardens Real Estate and co-author of the new book Next Generation Real Estate.
Chris notes that we care about Gen Y when it comes to real estate because across the country there are 100 million people in this category — a third of the population. And despite the stereotype of millennials being lazy and not caring about home ownership, Chris says that over 70% of those surveyed said they’d like to buy a home in the next two to three years.