A lot of millennials haven’t been in a great position to realize one of the largest parts of what most people identify as the American dream: homeownership. They came out of college often with
large amounts of debt, particularly if they continued to a postgraduate program. When they did finish school the job market was the worst it had been in decades, the housing market had
completely tanked, and then rental rates began to rise. 

None of this lends to financial stability or the ability to have the resources to come up with a down payment or get financing to make, what will be for most, the largest purchase of their lives. However, a new study shows there may be a shift in that logic. A study done by Bank of America (one of the largest culprits behind the crappy economy that millennials found themselves in the
middle of) shows that at least 47% of millennials have at least $15,000 in savings and approximately 16% have over $100,000 in savings.

So, that begs the question what are they saving for? That Ferrari they always wanted? Hardly. I know a lot of people like to think of millennials as kids, but I’ll remind you that half the millennial population is in their 30s. They’re getting married and starting families. They are, in some ways, following the same path the generations before them have. They want a home to call theirs. They
want to build that life and a future for themselves. For 60% of millennials that still means owning a home, according to a Bank of the West study.

Part of those savings are going to be put into home purchases. The housing market is tight, but there’s a growing pent-up demand. Rents are continuing a several-year trend of rising, builders have started to move again, and banks seem to be lending realistically. We’re at the beginning of a very healthy point in this real estate cycle. Millennial will start making more and more moves to become homeowners.

If you’re part of the real estate industry are you ready? Have you given the guys and gals the credit that they’re due as a viable demographic? I’m talking to you brokers, agents, mortgage bankers, and builders. If you haven’t you’re in for some tough years ahead because they’re not coming, they’re here. They’re here and there’s a lot of them. If you don’t correct your views now you just might not be around for the next generation.