Millennials Driving Housing Market
One would think that due to inflation, stagnant wages, the high cost of living in metropolitan areas, and the exorbitant price of obtaining a college degree these days, owning a home is simply out of the question for most Millennials. However, according to Spencer Rascoff, CEO of Zillow, this is simply not the case. In a recent podcast from Bloomberg titled Millennials Driving Housing Market, Spencer Rascoff noted that Millennials bought $500 billion in real estate within the past 12 months. In fact, due to the limited supply of homes on the market, Millennials are doing whatever they can to get their offers accepted, such as getting pre-approved and making multiple offers.
Mr. Rascoff believes that prices of homes will continue to rise, albeit, at a slightly slower pace than the previous 12 months.
Check out the podcast at: https://www.bloomberg.com/news/audio/2017-10-13/millennials-driving-housing-market-podcast