Millennial Momentum in the Housing Market

Far from mere participants in the housing market, the millennial generation is setting new trends and redefining the expectations and realities of homeownership. Their significant influence is reshaping the market and consumer priorities.

Due to uncertain economic factors, many in this generation delayed marriage and home purchases, but recent data shows a shift. Indiana University's Business Research Center reports that the "household formation" rate is doubling that of population growth, creating a big demand for houses — primarily driven by millennials.

In 2023, nearly 40% of buyers were millennials. Between first-time buyers and families moving up to bigger homes, they were the largest group of buyers in the real estate market. Their purchasing power is a major force that can steer industry trends. With their strong influence on the market and a preference for technology, sustainability and adaptable living spaces, millennials are set to drive housing innovation for the foreseeable future.