Millennials are moving out
As the economy improves, more millennials are expected to be moving out from their parents’ homes and into houses and rentals.
According to Realtor.org, millennials are expected to make $1.6 trillion in home purchases over the next five years. As millennials are expected to want to pursue home ownership, many will first rent property until they can afford a home.
According to Realtor.org and The Demand Institute, some millennials are expected to take alternative ways to owning a home, based on the changes in the housing market and financing that previous generations didn’t face. Some millennials may first live in single-family rentals and form lease-to-own contracts.
As millennials look for homes and areas to settle down in, they are expected to flock to areas with the best job markets.