In a recent study released by Prudential Real Estate, the company found that 80% of all millennial's (ages 25-34) surveyed had a favorable view of the real estate market. This demographic is particularly important as they have been labeled as renters with home ownership not being a priority to them, a stark contrast to their baby boomer parents.
So, what does this mean for the average consumer? If millennial's come out in bunches to take advantage of the market conditions we're going to see housing prices rise at an even faster pace. Millennial's would fit into the first-time home buyer demographic and as we saw in one of my previous blogs, only about 25% of all buyers in this market are first-time home buyers.
In essence, whether or not the market can keep it's pace could come down to the millennial's, it's something worth keeping an eye on.
-Kyle Kovats, New Jersey Realtor
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