Millennials are finally defying one of the economy's most troubling trends
For a long time, millennials held to the stereotype of living in their parents' basements.
Whether young people were wracked with student debt or just choosing to save for retirement, many were shying away from buying homes.
The 18-to-35-year-old generation boasts the highest rate of living with parents compared to any previous generation.
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But that trend may finally be changing, according to the CEO of one of the largest homebuilders in the country.
KB Homes CEO Jeffrey Mezger said in his company's earnings call on Tuesday that first-time home buyers and young people are beginning to enter the market. Here's Mezger (emphasis added):
"Our results in the third quarter also reflect a continued upswing in demand, driven by rising household formation, favorable demographics, job and income growth and further easing of mortgage restrictions. We are seeing increasing activity emerge in the more affordable submarkets of each city, primarily from first-time and first move-up buyers; a trend that creates significant opportunity given our expertise in serving these buyers."
Mezger did say that there are some supply constraints that are making it difficult for these new entrants to find affordable homes, as we've pointed out, but the intention to move into homes is rising.
Millennials have long said that they want to own homes like their parents in surveys. Even those living in their parent's proverbial basements have expressed their intent to get their own place.
So get ready, there might be a millennial moving to a neighborhood near you.
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