Millennials Are Growing Factor in Housing Market's Spike, Says Rutley of Mott & Chace
Millennials Are Growing Factor in Housing Market's Spike, Says Rutley of Mott & Chace
"So millennials are really our biggest force in the market. They accounted for about 73 million people last year...millennials are getting to that point where they're 25 to 40 right now -- they've had successful careers, they've been putting money aside," said Robert Rutley, a member of the Blackstone Team.
"They're waiting for the market to adjust and for themselves to become a little more successful -- they're also receiving these inheritances from the baby boomers whether it's your grandparents or their parents and so they have access to more funds than normal," said Rutley.
Forbes reported last month, "For Millennial home buyers, this past year’s change in the economy, employment and especially dropping interest rates offered surprises, with 47% being pleasantly surprised that they could afford a higher-priced home, according to a generational insights report by realtor.com. On the flip side, 21% were surprised that their budget was lower than they thought."
When Will This Cycle End?
The country and Rhode Island are in the midst of what seems like a nearly endless increase in housing prices.
"So I think we're in two years into a seven-year cycle," said Rutley.
Mott & Chace Sotheby's International Realty is a paid content partner of GoLocal and appears weekly on GoLocal LIVE.