Millennials Economic Strength Will Help The Real Estate Market
Millennials, known also as Generation Y, are coming into a unique position as the economy begins to stabilize. These young adults are taking financial control of their lives, as they are leaving their parents’ home and investing in property to live in.
This is great news for the real estate market. With millennials showing economic growth and an eagerness to spend, this could boost existing home sales across the nation. In addition, millennials are purchasing new construction homes which will increase the housing stock and help alleviate the issue of low housing inventory. As long as their spending is focused on housing opportunities, this will stimulate the real estate market.
Of course, millennials still have to face the financial burdens of paying down student debt, credit card debts and auto loans. However, with the unemployment rate continuing to drop, their financial burdens could ease up as they find the jobs that will allow them to live comfortably in new homes.
For more information about millennials and the real estate market in the Danville area, please contact the Zwahlen Real Estate Team (Barry Zwahlen at 925-890-2315 or Brenda Zwahlen at 925-890-9901)