Millennials Fuel Housing Frenzy as Record Demand Drives Up Prices
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Millennials delayed home buying due to economic conditions, but are now entering the market in force, driving up demand and prices.
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Millennials are the largest generation now, contributing to record household formation rates and unprecedented housing demand.
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The average first-time homebuyer age rose to 36 in 2022 as millennials waited longer to buy. Prices are much higher than their parents paid.
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More minority groups like Black, Asian, and Hispanic households will be first-time homebuyers alongside millennials.
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In 10-20 years, declining demand as boomers die out could lead to a housing glut after record construction for millennials.