There are approximately 80 million millennials currently in the U.S., and they are poised to be one of the biggest influences on our market since the baby boomers. However, it seems like every time you turn around, there is another article about how they are not going to enter the housing market. The truth is that it's not that they aren't going to buy a home, it's simply that they are waiting to buy. There are many factors that influence this, from how their parents raised them, higher student debt, and the housing market itself. Recent surveys have shown that less than 20% of new construction has been for entry level (first time buyer type) properties. To summarize, what the article is implying is that there are plenty of millennials who will eventually be looking to buy, the opportunity is just not as easily accessible to this generation as it was to previous generations at this same point in their lives. Let me know your thoughts about this.
To read the entire article, go to: http://www.latimes.com/business/la-fi-0301-housing-economy-20160301-story.html