According to the Pew Research Center millennials, those born between 1981 to 1996, are the nation’s largest generation in 2019 — and while the largest, they’re not the largest when it comes to home buying.
Economists said despite their high earnings many aren’t buying homes, leaving a lot of houses on the market.
Limbird Real Estate Owner Tara Limbird, in Rogers, said millennials are attracted to living in bigger cities where affordability is much harder to find.
Many home buyers are also entering the market after getting married, or starting a family, but millennials said they want to settle down later and first take time to build their careers, according to Pew.
“I don’t know where I’m going to be in the next five years, so I don’t want to fully commit to something that huge and that big of a deal yet. I wanna’ have more of a plan and more time on my own, as a renter, spent in the real world before I commit to something that big,” said millennial, Chattin Cato.
“The National Association of Realtors says in the next 10 years 70 percent of the home ownership is going to be millennials so they’re going to buy homes … it’s just a little slower than their predecessors,” said Limbird.
Limbird said in Arkansas 34 percent of millennials are homeowners.
The only downside to them not buying homes right now is that they are missing out on lower prices.