Millennials Drive Housing Demand Despite Low Supply and High Prices
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Millennials are the largest generation in US history and will drive housing demand for years due to homebuying age wave.
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Housing supply is extremely constrained after anemic construction post-2008 crisis compared to pre-crisis levels.
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Low mortgage rates have caused a "lock-in effect" where homeowners don't want to give up low rates by selling.
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Homeownership is still highest among 65+ age group, but millennial demand is propping up housing market.
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Baby boomers benefited most from low rates and massive wealth transfer, while millennials took on more mortgage debt recently.