A new study by the National Association of Realtors reveals trends in the real estate market—including a finding on the critical issue of Millennial preferences in housing.
Joseph Lu provides an abridged version of a study due to be released at the end of the month by the National Association of Realtors (NAR).
This year's edition of NAR's "Profile of Home Buyers and Sellers" is the 35th version of the study, so Lu's coverage focuses on the trends apparent from 35 years of analysis. Lu breaks down those trends in five ways, including the following:
- Less first-time buyer participation
- Looking for a bigger space
- Buyers are taking longer to search due to less inventory
One of the more compelling claims made by the report reveals a trend among Millennials that is sure to be closely watched as the nation's largest generation ages and settles down: "While it is true that Millennials have chosen to sacrifice space for proximity to jobs and entertainment (mainly by renting in urban areas), they have also followed the foot steps of previous generation. Millennials, NAR found, move out to the suburbs for larger and more affordable homes once they are ready to buy."
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Harvard University Graduate School of Design
Nashville Planning Department
The Architects Foundation
University of Cincinnati Online
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Journal of the American Planning Association