MILLENNIALS MARCH ON

The Millennials are on the march and ready to buy.

Both the housing market and millennial demand remain red hot, recent data from the Bank of America suggests. Sixty-seven percent (67%) of millennials said they are likely to purchase a property in the next two years, the 2022 Millennial Home Improvement Survey found. 

The top reason cited for this shift is an improvement in financial position, which is consistent with strong household balance sheets and increasing wages in the United States. However, more respondents said they were getting financial support from others, especially compared to surveys conducted in previous years.

 Millennials make up the largest portion of the population that are purchasing properties, with 43% buying new homes. That number is up from 37% in 2021, the National Association of Realtors found. 

Millennials also represent roughly one-fifth of the population in America and are the fastest-growing demographic in terms of homebuyers. In fact, the majority of millennials own homes, according to the survey, with 53% saying they have their own property—up from 52% in the previous survey.

Summary:  Demand for housing is going to be strong for a long time….There are so many potential buyers and no inventory. So with that, prices will stay strong and WHEN rates trend downward, look out.  I know a few listings in LA getting 25 offers with a listing price of 1.2M.

We deeply appreciate the trust and partnership you have extended to us. As some of the best realtors in Los Feliz and Greater Los Angeles, the Riley Real Estate & Home Mortgage team is dedicated to assisting you in discovering your dream home in the beautiful neighborhood of Los Feliz and surrounding Los Angeles areas.  We eagerly anticipate the opportunity to serve you in buying, selling, investing and mortgages and earn our reputation as a top realtor and make your real estate aspirations a reality.

Best,

Riley Schmidt