The Suburban Appeal

The Suburban Appeal

The millennial age is considered those who were born between 1980 and 2000. This generation has a significant pull, not only on the real estate market, but on the overall economy. Their preferences and opinions tend to shape our society, which is why they’re considered the most influential generation today. For the past several years, most market analyzers were under the notion that the millennial age has an unwavering love for cities. First-time home buyers had hit an all time low since 1987, 32% of all purchasers in 2015, which might suggest that the millennial age was reluctant to move to the suburbs. The decrease we saw in first-time home buyers made the market more challenging for the older generations. Without the millennial age on the housing market, current home owners were finding it difficult to  sell their property after retirement, which makes for an unhealthy market. Fortunately, it seems as though that “urban boom” we were experiencing was simply a phase. In an earlier blog of mine, I discussed the reasoning behind the decrease in first-time home buyers. Student loans are a significant part of the equation here. Loans are substantially higher than they once were, and in conjunction with the rising rents, it leaves millennials unable to save for a down payment. There’s also a change in culture. People are more likely to get married at an older age than they once were. According to statistics from Pew Research Center, the median age for a man’s first marriage was 23 back in 1960, as of 2010, it was nearly 29. The millennial age, being at a median...