Millennials make up an even greater share of the housing market since the onset of the Covid-19 pandemic. But are their preferences as a generation reshaping the housing market, or are these largely first-time homebuyers instead having to adapt to what’s available?
A lot of speculation has occurred around how different the millennial generation is or isn’t when it comes to everything from job preferences, household formation and, indeed, how and when they buy a house. Some economists say it used to be widely predicted that millennials would be a generation of renters, which perhaps was one reason for slower new-home construction in the wake of the global financial crisis.
But the National Association of Realtors, in its recently released 2022 Home Buyer and Seller Generational Trends report, found millennials made up 43% of the housing market last year, up from 37% in 2020. Many of those buyers were looking for homes in the suburbs and small towns.
