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The 'Aging Millennial Generation' is Driving Housing Market

As the vaccinations and stimulus support an economic recovery, household formations are expected to surge.

By Lynn Pollack | April 01, 2021 at 07:18 AM

The light at the end of the tunnel is growing brighter for housing investors, particularly as vaccine rollouts gather steam and the economic recovery widens.

In a recent video breaking down what’s driving the single-family housing market, John Chang, senior vice president and director of research services at Marcus & Millichap, notes that home sales have surged in recent months, with sales activity in February coming in 9.1% higher than 2020. That, in turn, pushed home prices up by 16.2% year-over-year to a median price of $334,500, a record high.

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