“Ultimately, the large millennial generation will make their presence felt in the owner-occupied market,” says Daniel McCue, research manager of the Joint Center, “just as they already have in the rental market, where demand is strong, rents are rising, construction is robust, and property values increased by double digits for the fourth consecutive year in 2013.”
Here at JB Cutting, we’ve seen the millennials’ influence in the rental market firsthand. The rental market here in Michigan has increased exponentially and we have been working hand-in-hand with property management firms throughout Southeastern Michigan to help renovate aging apartment complexes and downtown lofts. Below is a photo of our doors installed in one of the downtown loft renovations.
Where the challenge lies is growing the economy enough for the millennials’ salaries to catch up so they can work towards owning their own homes. Their wages need to rise so they can afford a home. According to the Joint Center:
“Given the sheer volume of young adults coming of age, the number of households in their 30s should increase by 2.7 million over the coming decade, which should boost demand for new housing.”
The future is looking bright! We’re in the home stretch of recovery, but experts say we won’t reach full recovery until mid-2015.
Interested in articles featuring millienials? Usatoday.com asks the question, “Are Millennials Really the ‘Me’ Generation?” http://www.usatoday.com/story/money/business/2013/08/24/millenials-time-magazine-generation-y/2678441/.
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