Affordable Housing, Community Development, Reports and Publications

Millennials Driving Homeownership Market to the Suburbs

Zillow Group
 

A new report by Zillow shows that Millennials under 36 years old are playing an increasing role in the housing market. They represent half of the current U.S. homebuyers.

The report found that two out of three (66%) Millennials consider renting while they are shopping for a house. When they decide to purchase a home, it’s typically not in an urban community. Forty-seven percent reside in suburban neighborhoods and 20% move to rural areas.

There are also some striking demographic shifts occurring with Millennial homeowners. Hispanics represent less than 10 percent of all homeowners today. However, they represent almost 15 percent of Millennial homeowners, suggesting the demographics of homeowners will become increasingly diverse moving forward.

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