flexiblefullpage - default
Currently Reading

Millennial Renters Are Looking To Buy

billboard - default

Millennial Renters Are Looking To Buy

Most of the people who shopped for a mortgage in the first quarter were first-time buyers

July 3, 2017

According to a recent TransUnion analysis, 55 percent of the people who shopped for a mortgage in the first quarter of the year were first-time homebuyers. In comparison, only 35 percent of all buyers were first-time homebuyers last year.

CNBC reports that the share of Millennials who are looking for their first home has been growing over the last few years. 

Housing experts break the Millennials who rent into three segments: Those who can’t afford to buy, those who prefer to rent, and those who will eventually buy. The number of eventual buyers is expected to rise as the job market and economy improve, and as young adults continue to improve their credit and get accepted for mortgages.

Though rising prices and tight inventory serve as roadblocks for homeownership, rents aren’t particularly cheap, either.

"As rents have gone up fairly significantly in the last few years, homeownership, although it's gone up as well, it may have become relatively more affordable," says Mike Doherty, senior vice president of TransUnion's rental screening solutions group.

Read more


leaderboard2 - default

Related Stories

Market Data + Trends

Housing Values Continue to Rise, Housing Market Gained $2.4T in Value Over Last Year

The total value of U.S. homes sees biggest gain in almost a year, with affordable East Coast and Midwest metros seeing gains of more than 10%


Study Shows More Home Builders Adopting Green Building Practices, Products

A new study finds a marked increase in the number of home builders embracing eco-conscious, sustainable practices and products


New-Home Sales

New-Home Sales Increase Again in January, Builder Confidence Up

Easing mortgage rates and continued housing demand helped buoy new-home sales in January, further boosting builder confidence 

boombox1 -
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.