
Zillow: 2015 Will Be a Big Year for GenY
Wednesday, December 3, 2014
For 2015, Zillow predicts Millennials will overtake Generation X as the biggest group of home buyers. Zillow analyst Emily Hefter tosses in some data to support the pronouncement.
This, of course, is the news everybody in home building and development is waiting to hear. What's more, it's a prediction that has to come true, give or take a year or two. No one doubts that young adults – due to Recession, college debt, tough job conditions, spotty geographical recovery, need-for-housing-flexibility, and preference for hipster downtown urban environs – are a “pent-up” bunch. What's questionable is what will un-pent them up.
Zillow’s 2015 predictions are based on housing data that shows rents continuing to skyrocket while the for-sale market levels off. That economic reality, increased inventory, and Millennials getting married and having children after delaying those choices, will give buyers more negotiating power.
Visit the Zillow website.