HousingWire's Brena Swanson shares recent insights from Goldman Sachs vice president of credit strategy research, Hui Shan, who was asked when she expects to see millennials buying houses during the company's 2016 Housing Finance Conference.
Although she acknowledged the ongoing conversation about their growing debt and marital decisions (or lacktherof), Shan also attributes part of the problem to the sheer amount of millennials in the United States—92 million with an average age of 24.
“The key takeaway is the quantity prompts the quality,” answered Shan. She said, “They probably have lower housing demand compared to parents.” But the quantity is so enormous it offsets this, she explained. “For each individual, their net demand is lower,” she said, “But on a macro housing level, the quantity will make up for that decline in quality.”