Millennials Are Applying To Buy Homes More Often Than ...
The data finds that millennials made up a higher share of the potential homebuyers in the Midwest markets and in metros with high-tech job opportunities. Nick Grandy, construction and real estate senior analyst with RSM US, told GOBankingRates that existing housing supply for single family homes is at 1.1 million as of October 2021, while prior to the pandemic, the lowest-ever recorded inventory level was 1.29 million, according to the National Association of Realtors. “So prices are skyrocketing from a two-fold approach, the large increase in millennials who have delayed their home purchase as they were dealing with student loan payments and saving up for a down payment, coupled with inventory being at the lowest level ever recorded,” he said.
