There are around 90 million millennials living in the United States, making them the largest demographic group in the county’s history—an onslaught of this group into the housing industry could create a boom larger than anything the U.S. has ever seen before.
The figure is encouraging, if not terribly surprising. The dream of owning a house with a big lawn and a white picket fence has been popular for a reason. Even with the rise of renting, over the long term people still want the same things: safety, good schools, and room for their kids to play. Thankfully, Gen Y is finally thinking seriously about acting on these latent desires, just in time to give the housing market a shot in the arm.Unfortunately, there is still a serious problem. Even if many more young adults act on their intentions to buy a house, there will still be far more houses on the market than buyers. As America has aged, there are now fewer young people looking to buy homes and more old people wanting to sell them. This has lead some experts to predict that by 2030 there will be half a million more houses for sale than there are households looking to buy. And a short but explosive post at Business Insider has graphs showing how housing prices across the whole world fall dramatically as populations age.The American dream is still alive for the next generation, but the housing market isn’t out of the woods. Boomers may get less than they hoped when they sell, but on the other hand Gen Y may be able to pick up some bargains.[Image of Suburban Street Courtesy of Shutterstock]