Arizona Republic
z SUNDAY, FEBRUARY 4, 2018 z 1R
Real Estate
Will more Millennials buy Valley homes? Most Millennials haven’t bought homes yet, and the Valley’s home building market still hasn’t recovered from the crash. IAN NOLAN, GETTY IMAGES
The huge Millennial population hasn’t entered the housing market in a meaningful way yet, and that could be part of what’s keeping the market from a full recovery Catherine Reagor Columnist, Arizona Republic | USA TODAY NETWORK
Could Millennials be holding metro Phoenix’s new home market back from ÿnally recovering? Most of this huge generation of young adults haven’t bought homes yet, and the Valley’s homebuilding market still hasn’t recovered from the crash. Housing market watchers, including myself, have been a bit obsessed with where and how Millennials, born between the early 1980s and 2000s, live. That’s because, like the baby boomers, it’s a huge group that can shift and reshape growth. Although the Valley’s homebuilding market is on the mend and in 2017 had its best year in a decade, new home sales are at about at half of what they were during the pre-boom and bust years. Millennials have, so far, been slow as a generation to take on a mortgage and a new house. But they’ve also faced some unique obstacles: z They hit the workforce during the Great Recession, and many had to move back in with their parents. z Far too many of the nation’s 85 million Millennials are dealing
with a record amount of student loan debt that’s keeping them from saving enough for a down payment to buy their own home. (And we Gen-Xers thought we had it rough.) But housing experts say that may be starting to change. “New home sales have gone straight up over the past two years with 18,000 (in metro Phoenix) during 2017,” housing analyst Jim Belÿore recently told a crowd of more than 1,000 people tied to the real estate industry at his annual market update. And he predicted that number will continue to climb. “Millennials waited and waited to buy, but we are ÿnally starting to see this huge group come into the market,” he said. Holding many Millennials back from buying is a monthly schoolloan payment often bigger than a mortgage payment. “There’s tons of pent-up demand from Millennials who became frugal, stayed at home with mom and dad and worked on paying down student loan debt,” said Arizona economist Elliott Pollack at the forecast. The monthly payments many Millennials owe on school loans would buy some pretty nice homes. About $300,000 in student loan debt comes with a monthly bill of almost $3,200. That’s enough to pay the mortgage on a $666,000 See MILLENNIALS, Page 3R
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