Millennials are taking over the mortgage market in the US, according to a new analysis by Realtor.com. The generation now holds the largest share of new mortgages by dollar volume. There are two main reasons why: Millennials are buying more homes, and they’re making smaller down payments. There’s long been speculation that millennials would ditch homeownership in suburbs for big cities. But while their timelines may be different than previous generations, the data show their attitudes toward owning a home are similar. Homeownership is part of the American Dream, and millennials won’t be killing it any time soon. According to a new report from Realtor.com, millennials are taking over the mortgage market in the US. Home-loan data analysed by Realtor.com show millennials – defined here as the generation aged 19 to 37 – have purchased a larger share of mortgages than Gen X or Baby Boomers in the US since early 2017. Now, new data reveal millennials are responsible for the largest share (42%) of new mortgage loans by dollar volume, narrowly surpassing Gen X for the first time, and there are two clear reasons why. Millennials as a group are buying more homes than ever before, and individually, they’re… Read full this story
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