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The Housing Market Rebounds with the Help of Millennials
Homebuyers in their 20s and 30s are fueling the housing market as they take advantage of the low interest rates of the pandemic. Millennial homebuyers have been slowly increasing prior to the pandemic, but the numbers have surged in the last couple of months.
The large amount of people in this generation has prompted many to believe that they will leave a lasting impact on the real estate market. Because millennials have now been labeled as the largest living adult generation in the U.S., with an average age of 30, it is expected that we will see the demand in home buying grow.
According to First American, millennials may purchase over 15 million homes over the next 10 years. The sale of existing homes has increased by 25% as of 2 months ago, which is an increase of 32% from a year before. Real estate executives have been questioning what the future holds in the housing market as millennials come of home-buying age, and it has been determined that millennials have the same desires as their parents when it comes to owning their own homes. With the interest rates at 3% or lower, young homebuyers have been motivated to find their first residence. Millennials have been holding the current housing market afloat, and have inspired others to join in the quest to find their dream home.
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