Coming wave of millennial home buyers a major opportunity for US housing market: Taylor Morrison CEO
Taylor Morrison Home CEO Sheryl Palmer sees a major opportunity for the U.S. housing market over the next decade with the acceleration of the millennial generation hitting prime homebuying age.
Nearly 45 million Americans will reach the general age of first-time homebuyers in the next 10 years,There's just one catch: Fewer millennials can afford to buy a home. The homeownership rate among millennials is about 8% lower than previous generations at the same age, according to the Urban Institute, which noted factors such as delayed marriage, student loan debt and higher urban living prices holding them back.
"I am excited because the demographics are with us. Now we have to figure out how to build [new homes] ... at the right price," Palmer said. "The problem is we don't have enough housing in aggregate. We need about 1.5 million homes each year, and we're barely at 1.2 million. We've been running at that level, we've got a deficit of 4 million houses, which drives rents up and creates a tension," he told Olick at the event.
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