Millennials are Most Challenged by the Housing Market
Although the housing market is beginning to soften, there are many indicators that show how millennials are most affected by buying, selling, and renting homes.
According to the 2018 Zillow Group Report on Consumer Housing Trends, those ages 24 to 38 find it most difficult to sell their home. And, when they do, they are most likely to make concessions (89%), have an offer fall through (58%), or change the date of their closing.
The data shows that millennials quickly decide to sell, making the choice an average of three months faster than their older counterparts. This has led to 86% of millennials saying that they wish they had done at least one thing differently in the process, while only 67% of all sellers share that sentiment.
And, it’s not just homeownership that presents hurdles to this cohort, but renting also has its woes. Millennials typically spend 29% of their household income on rent, and 48% can’t afford an unexpected expense of $1,000.