Millennials finally cracking the housing market
For many American parents, the nest has been anything but empty since the Great Recession disenfranchised legions of millennials and drove them back to the warm, expense-free bosom of mom and dad’s place.
Not exactly the definition of the American Dream for parents, their children or the U.S. housing market.
But the nation is waking up from its long, nightmarish slumber, according to a report from Harvard University’s Joint Center for Housing Studies, which has projected that millennials will begin moving into their own residences in droves, creating 24 million new households between 2015 and 2025.
That surge of aspiring humanity numbers 85 million and is going to be a shot of adrenaline for those invested in the multifamily and single- family home markets. Many institutional investors have continued to be bullish about the hot multifamily market for exactly this reason, while others have concluded that multifamily had crested and would o