Millennials are Driving the Housing Market
Skyrocketing rents are driving millennials to steadily increase their presence in the housing market by buying instead of renting.
At today’s average rental rates, the price of renting an apartment or a condo cost about the same as purchasing a home, from a month-by-month perspective.
Purchasing a home is more beneficial to millennials due to the property investment. Research shows that young adults between the ages of 18-32 are buying homes, which are driving the housing market.
According to Zillow, millennials are gravitating toward suburban areas. A large number of millennial homebuyers live in the suburbs. Millennials feel that the suburbs are a great place to raise a family and are more affordable.
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