Increase in Millennial Buyers Predicted

Millennials (ages 23-34) will make up the largest demographic of homebuyers by the end of this year, surpassing Gen X (35 to 50-year-olds), according to Zillow. “Home value appreciation will continue to cool down; from roughly six percent now to around 2.5 percent by the end of 2015,” said Dr. Stan Humphries, Zillow chief economist. “But rents will see no such slowdown, and will continue to grow around 3.5 percent annually throughout 2015.”As renters’ costs keep going up, I expect the allure of fixed mortgage payments and a more stable housing market will entice many more otherwise content renters into the housing market.” Zillow added that the top five best markets for new homeowners in 2015 will be Pittsburgh, Hartford, Chicago, Las Vegas and Atlanta.

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