Young Adults Expected To Boost Housing Demand

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A new report from Harvard University’s Joint Center for Housing Studies highlights the expected impact Millennials – young Americans between the ages of 18 and 34 – will have on the housing market as they begin buying homes and establishing households of their own. During the recession, young Americans hit hard by the economic downturn moved in with their parents or became renters. But as economic conditions improve, experts expect that the 86 million Americans considered part of the Millennial generation will begin moving out and buying homes. In fact, the Harvard report estimates that these young adults will create 24 million new households between 2015 and 2025. Peter Francese, a demographer and founder of American Demographics magazine, told RealtyTrac that Millennials are likely to be in the market for between five and seven million homes over the next five years. If, as predicted, demand for housing surges among young adults, it would provide a further boost to Chicago’s already recovering housing and real estate market. More here.