Millennials’ appetite for homeownership is growing. Student debt, rising housing costs, market crashes, and other economic obstacles have kept many Millennials from purchasing homes in the past. All of that is starting to change (for some), as this generation reaches new housing milestones. Last year, Millennials accounted for more than half of all home-purchase loan applications, and CoreLogic reports that Millennials accounted for 67% of first-time home purchase mortgage applications and 37% of repeat-purchase applications in the first eight months of 2021. Additionally, a survey from housing-research firm Zonda conducted in late 2020 and early 2021 found that around 32% of Millennials say they planned to buy a home in the next one to three years or as soon as they could save for a down payment, while 7% say they never plan to own a home. Working from home more often and the craving for stability amid the pandemic has also impacted Millennials’ home buying attitudes, and YPulse’s Life Plans, Rewritten trend research shows 38% of Millennials say owning a home has become more important to them because of the COVID-19 crisis. (WSJ)
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