Many millennials haven't bought a home of their own, but most of them still see homeownership as a goal they aim to achieve in life. According to a study by Home Depot, millennials actually value homeownership more than Generation Xers and the Baby Boom. Forbes contributor Deborah Weinswig pores over a series of studies of millennial behaviors, and explains why they’ll make a huge influence on the housing industry. Weinswig writes,
"Millennials also have a significant impact on the housing market. The US Departments of Commerce and Housing and Urban Development estimate that 1.1 million housing units were started in 2015, more than double 2009’s 554,000 new units. Although millennials have taken longer to establish themselves as homeowners and heads of households, a study done by Home Depot indicates that home ownership is, in fact, a more important goal for this age group than it is for Gen Xers and baby boomers.
The Home Depot study also found that, among millennials who are renters, 57% view home ownership as an important goal, compared with 38% of Gen Xers and 34% of baby boomers. This is important because surging home ownership fuels a number of other categories, including appliances, building materials, insurance and furnishings."
Have a look, too, at our analysis "Activating the Millennial New Home Buyer."