Part 2 of the series:
With millennials making up the largest generation to date, not surprisingly, they will continue to make up the majority of the housing market. With older millennials' first home purchases providing them with additional equity, coupled with the need for extra space for work-from-home and raising children, many will begin to trade-up. Generation Z (ages 24 and younger) will also start new household formations.
According to Mike Fratantoni, Chief Economist for the Mortgage Bankers Association, “As long as the spread of the pandemic is brought under control, the economy should expand around 3% next year, allowing the job market to improve, incomes to rise, and home sales to meaningfully increase."
