Millennials May Be About to Move Out

As Millennials prepare to move out of their parents’ homes in large numbers, Harvard University’s Joint Center for Housing Studies projects a surge in demand for rentals and starter homes. The leading edge of this generation will soon reach their 30s, the age range in which household formation increases, says Chris Herbert, director of the research center. The number of households in that age group is expected to rise by 2.7 million in the next decade. “As Millennials gain more of a financial foothold and make their presence felt, they’re going to drive a whole chain of increased demand in the housing market,” according to Herbert. Still, many young adults born between 1985 and 2004 face constraints such as oppressive student loan debt, which may change the scale and type of housing they buy. | Read More