It looks like millennials are interested in settling down and buying houses after all. A recent National Association of Realtors report found that 83 percent of millennials who don’t own a home say student debt is the reason for not buying.
According to the U.S. Census Bureau, home ownership rose to 63.9 percent in the third quarter of the year, the highest rate it has reached since 2014, the Wall Street Journal reported. This is partially due to millennials hitting that age where a house and a family start to seem more appealing than an apartment and a fledgling improv career.
The growing home ownership rate could bring an end to the strong rental market, The supply of rentals has also shot up, with the seasonally adjusted rate of apartments under construction hitting 596,000 in September, almost double the long-term average of 300,000. Here locally in the Atlanta metro area, Home inventory at the lowest level of 2 months for home under 250k.
As US equity exchanges put up new records, home prices across the country continue to rise in lockstep. Meanwhile, wage growth barely exceeds historic low headline inflation measures.
National inventory of new and existing homes continue to squeeze supply in many markets and is now the prime driver of rising home prices across the country. However, Inventory will temporary better as we getting closer to the holiday seasons, especially here in Atlanta.
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