If you said Millennials, give yourself a big pat on the back…or something. Despite all kinds of lame predictions that this new generation wasn’t interested in home ownership and would be renting at a higher rate than their parents and grandparents, it turns out they are doing exactly what their predecessors did. Even the pandemic hasn’t impacted the housing market, in fact it may be spurring it on.
And here’s the bonus: those homes are often in the suburbs — the dreaded suburbs — and not in urban areas. Yes, it’s Covid-influenced as people want more space but it’s also just a rite of passage: as a generation gets married, starts a family and needs better schools, soccer fields and backyards they go where those things are and that means the ‘burbs. Anyone who couldn’t have predicted this is…well, Stupid.
Here’s a quick read on all of this from the LightSource newsletter from the Dallas Market Center: http://blog.dallasmarketcenter.com/millennials-are-officially-buying-homes?utm_campaign=January%202021%20Lightovation&utm_medium=email&_hsmi=94978919&_hsenc=p2ANqtz-9VsiTYKfvYGs76RWnUDDX6dP3Tl6wcMD_0mmthiD3-yXf1w9loUIhOBhd–lSgr4Q_5_XEQNb-bFJSnIMWEBMYslQ-gQ&utm_content=94978919&utm_source=hs_email