Millennials. While not a foreign word to HousingWire, Zillow Chief Economist Stan Humphries today perfectly nailed how millennials play into housing in just 140 characters nine times.
Aside from 5 ways to capture the millennial markets, using communication tips and online resources.
Or the fact that a recent study from TransUnion showed that millennials are better at paying their mortgages, posting the lowest mortgage delinquency rate, falling to 2.34% at the end of the second quarter.
Millennials one day will buy a home.
Looking at historical trends, the share of adults living with their parents drops sharply after age 24 and continues to fall to 6% by the mid- to late 30s.
“Much of the sluggishness of household growth in fact relates to lower headship rates among this age group—driven not only by a slowdown in immigration but also by the increasing share that continue to live in their parents’ homes,” a report from the Joint Center for Housing Studies of Harvard University.
“Regardless of the economic setbacks they may have experienced, today’s 20–29 year olds are still likely to follow the same pattern,” it added.
But Humphries simply puts it best in these 9 quick tweets.
2: One reason for falling homeownership rate: Huge number of foreclosures. ~5-7 Million foreclosed upon since 2007 #ZillowResearch— Stan Humphries (@StanHumphries) September 5, 2014
3: Additionally, first-time buyers aren’t entering market. 43% of buyers historically were 1st-timers, now down to 30%. #ZillowResearch— Stan Humphries (@StanHumphries) September 5, 2014
8: So, are today's millennial renters missing deal of a lifetime? Not necessarily. Moves are more frequent at younger ages. #ZillowResearch— Stan Humphries (@StanHumphries) September 5, 2014
9: Even if millennials do buy at todays rates/prices, theyll likely re-enter market in coming yrs at higher levels anyway #ZillowResearch— Stan Humphries (@StanHumphries) September 5, 2014