Millennials have been missing in action thus far in the housing recovery, but a new survey suggests that the future holds good things.
The housing market may have shown an encouraging blast of activity in 2013, but two key ingredients were missing for a sustainable recovery: younger consumers and first-time homebuyers. Though activity from investors and repeat buyers was off the charts, Millennials and first timers were nowhere to be seen, on account of student debts, stagnant wages and a lethargic job market.
A new BMO Harris Bank survey, though, has found that the future is much brighter, with nearly 75 percent of Millennials stating that they intend to purchase a home within the next five years, and nearly a third stating that they’ll buy in the next year.
Check out our graph below for a deeper look at the survey’s findings: