While countless reports put millennial home buyers well behind Gen X and the Boomers, it seems these 20 and 30 somethings are finally putting their stake in the real estate ground—at least in the Chicago suburbs. From the Chicago Tribune:
“Weighed down by massive student debt and job struggles, the generation brutalized by the Great Recession has lacked both the money and the desire to buy homes. They’ve been a generation of renters. But as millennials have entered their 30s, established themselves financially and started having families, they’ve gradually begun to show interest in homeownership…”
In Cook County alone—home to hot suburbs such as Arlington Heights, Glencoe and Winnetka—43% of all mortgages issued in 2016 went to millennials. That’s 13% higher than the national average. Many experts attribute this to millennials getting a later start than their older siblings and parents and, now, diving into the market head first—and making some serious gains. And it all comes at the perfect time for many of these young buyers—they’re more financially secure, more settled in their careers and, now, starting or growing their families.
“Millennials seem to be doing at a later age exactly what their parents’ generation did when younger…[they] have delayed marriage and have waited for several years for the job market and pay to improve. But as incomes rise and they marry and get ready for children, they are less interested in cramming into studio apartments…and start searching for homes or condos they can afford to buy.”
And it’s a trend that’s not just taking hold in the Chicago ‘burbs—millennials from coast to coast and getting in the mix in their markets. That’s good news for home values and for the market as a whole, as these first-time buyers historically represent a major piece of the real estate landscape.
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