Find out how much US Millennials pay in rent by the time they\u2019re 30<\/a><\/strong>\r\n <\/div>\n\u201cWe know that life-cycle events trigger housing market moves, but data from our recent survey shows that a notable number of millennial shoppers decided to start shopping for homes as a result of rising rents,\u201d says Realtor.com in the digital release.<\/p>\n
Over the last year, rents were up in 85 of the top 100 metro areas, which tend to be \u201cMillennial magnets.\u201d Nine of those metro areas posted double-digit annual rental price appreciation.<\/p>\n
But unlike older buyers (over 55) who say they are chiefly buying a home for more privacy, Millennial home shoppers cited \u201cfulfilling family needs\u201d and stability as their main motivations for buying \u2014 following rising rents.<\/p>\n
But Millennials entering the marketplace may find their enthusiasm quickly deflated by high home prices and historically low inventory levels. Bidding wars are commonplace as the supply of entry-level or starter homes dwindles, and Realtor.com says this spring\u2019s market is likely to be \u201cmore competitive than most.\u201d<\/p>\n
\u201cRecord-low inventory and high prices make this housing market unique,\u201d Realtor.com Chief Economist Danielle Hale says in the digital release.<\/p>\n
Despite the state of the market, more and more Millennials are entering the market as first-time buyers. The Millennial homeownership rate is currently 36 percent and registered the largest gains among all generational groups in 2017, according to recent Department of Housing and Urban Development (HUD) data.<\/p>\n
And with over an estimated 70 million Millennials nationwide, their presence in the marketplace will shape the US housing market for years to come.<\/p>\n
Realtor.com sponsored the March survey of more than 1,000 active buyers to provide insight into both the most sought after homes as well as the underlying motivations of buyers.<\/p>\n
Click here<\/a> to read the entire release.<\/p>\n
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