180M People Could Be Looking for Homes in Coming Years

MIAMI – Experts predict that many more millennials, who already comprise the majority of the home-buying population, will become homebuyers in the coming years. Martins Realty Group CEO Bobby Martins calculates that around 180 million people will be in their prime home-buying years, whether purchasing their first home or looking to expand.

Meanwhile, a survey by eXp Realty found 87% of respondents believed people should be homeowners, or should be trying to buy a home, by age 40.

“For the next seven years, we’ll have more and more millennials at that prime age” to buy a home, in their early 30s, Martins said.

Challenging these aspirations is home-price escalation in almost every metro area, limited stock, bidding wars, and rivalry from institutional investors. Although the current housing market makes would-be homebuyers increasingly downcast about their prospects, the eXP Realty poll and other surveys signal a persistent desire for homeownership.

A LendingTree survey of 2,050 people found 88% would prefer owning a home than renting, although 48% who self-identified as renters were concerned about never being able to own a home.

The biggest obstacle to homeownership, cited by 54% of poll respondents, was their ability to afford a down payment, while 36% said buying a home in their area was too expensive and 32% said their credit score complicates their qualifying for a mortgage. 

Source: South Florida Business Journal (09/02/21) Fahey, Ashley