Nicole Friedman

speaker

798 appearances 16 recordings 1 series first heard Aug 2017 last heard Dec 2024

Nicole Friedman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Millennials Fuel a Housing-Market Turnaround · 27 Aug 2020 podcast

chose to finish college, even get a graduate degree, and then often due to student debt, they may have delayed some of those other lifestyle decisions as they built up savings or paid down debt. voice-verified

But now millennials are getting married, are having kids, are buying homes. voice-verified

So millennials are now the biggest living adult generation, so they outnumber the baby boomers. voice-verified

And they're typically considered to range from about mid-20s to late 30s. voice-verified

So what economists are seeing now is that older millennials who are in their mid to late 30s, that they are catching up a little, that they are starting to buy those first homes, have kids, get married, move out of the cities quickly. voice-verified

And so those activities are happening at a faster pace, even if it's a little later than earlier generations did at the same time. voice-verified

And then at the same time, you have younger millennials. voice-verified

Now, the biggest cohort of millennials was born in 1990. voice-verified

And so those are the people turning 30 this year, or maybe they just turned 30. voice-verified

And that has always been the prime home buying age. voice-verified

And so you have this big demographic wave that is aging into their early 30s. voice-verified

And the expectation is those people are going to be buying homes in droves in the next couple of years. voice-verified

So the latest data we have is from the National Association of Realtors, and it's as of last July. voice-verified

And so in the year ending in last July, millennials made up about 38% of homebuyers, and that's up from 32% in 2015. voice-verified

So it's definitely a growing cohort. voice-verified

And when looking at just mortgages, the homebuyers that get mortgages, millennials made up more than 50% of the home purchase mortgages earlier in the year. voice-verified

So definitely it's a growing cohort. voice-verified

And that is, as I said, these demographic changes that they are aging into this prime home buying age. voice-verified

Absolutely. voice-verified

Home sales can contribute a lot to the economy, and we are seeing huge home buying demand right now. voice-verified

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