Millennials Sidelined in More Expensive Housing Markets
Zillow Real Estate Research recently published a study that surveyed Millennial renters across the country asking them about their intentions to buy a home within the next year and within the next 5-years as well as the price range they were looking to buy in. The main takeaways were the following:
- In markets where home values are relatively low, greater shares of young adult renters say they plan to buy a home in the next year.
- In markets with higher home values, greater shares of young adult renters say they plan to wait at least five years until buying a home.
Cincinnati definitely qualifies as a market where home values are relatively low, which suggests the demand for the Starter Home 2.0 project will continue to grow in the next few years. Below is a chart summarizing the findings.