In What Ways are Millennials Changing the Housing Market?
There is a considerable income gap among millennials. Most of the millennials who own homes today are wealthy, college-educated individuals with excellent credit who were able to pay off or avoid student loan debt. But black millennials have 52% less wealth than their parents' generation at their age, and millennials without a college degree have 19% less wealth. Because of income inequality, those who are able to buy a home do so, while a large portion of the workforce continues to rent, further exacerbating income inequality. The number of companies investing in starter homes is increasing. As a result, millennials now make more money on their first homes than their parents and grandparents. With their technology-savvy approach to home buying, millennials have transformed the industry significantly. House-hunting with a Technological Focus Technology plays a central role in home buying for the millennial generation, and this demographic is devoted to their devices. NAR estimates