| Millennials named Dylan are buying far more homes than Gen-Xers named Kurt, according to an analysis of first names of homebuyers in 2017 from ATTOM Data Solutions’ 2018 housing report. The report sheds light on generational homebuying trends.
Low housing inventory, the new tax reform law and homeownership rates – primarily among Millennials – will dominate the housing market headlines in 2018, according to eight leading economists interviewed for the comprehensive annual analysis.
The Millennial interaction with the housing market is of particular focus in this year’s report.
“The economy has been expanding for eight and a half years, the third longest of the post-World War II era,” Robert Kleinhenz, economist and executive director of research at Beacon Economics, said in the 34-page report. “The expansion has been marked by steady growth in fundamentals but the housing market has not been normal. Homeownership rate is still low by historic standards. New home construction has lagged household growth. Millennials are still shaking off the effects of the Great Recession, but there continue to be delays in life cycle decisions, [including] forming households, becoming renters [and] becoming homeowners.”
Other key topics touched on include the impact of the lengthening homeownership tenure, the importance of new construction and the rising affordability challenges.
The report also contains a spotlight on Detroit’s rocky housing rebound, the towns and cities across the country in which home flippers are swarming and an examination on which generations are buying which kinds of houses in different markets.
