Are Student Loans And Avocado Toast Really Keeping Millennials From Buying Homes?

By Arren Kimbel-Sannit
The Dallas Morning News

WWR Article Summary (tl;dr) Despite the popular narrative which says millenials aren’t buying real estate, they made up 34 percent of American home buyers in 2017, more than any other age group.

DALLAS

Jake Buzzard is, as those millennials say, “living his best life.”

The 32-year-old central Illinois transplant has worked his way up to a well-paying job as a retail manager for a large multinational company in Grand Prairie, Texas.

He oversees hundreds of workers, he’s in a committed relationship and, along with a growing number of his generation, he’s got a house: a $500,000 one in a swanky Oak Cliff neighborhood of Dallas, which he closed on in April.

Millennials are buying homes. Never mind the punditry that the plastic straw-hating snowflakes are stuck in overpriced apartments because they keep opening their wallets for $7 avocado toast.

They made up 34 percent of American home buyers in 2017, more than any other age group, according to the National Association of Realtors.

And though a bevy of economic factors are working against them, millennials are driving developers to make their communities experience- and amenity-rich, inclusive and connected to the cities around them.

Millennials are on the verge of becoming the country’s biggest generation, and they make up the plurality of the labor force, according to Pew Research Center. And born as early as 1981, they’re also a lot older than many expect, with the most senior of the generation in their mid-to-late 30s.

“At that age, they want the same things their parents did: a house in a safe neighborhood with good schools nearby,” said Randy Guttery, director of real estate programs at University of Texas at Dallas.

Around 70 percent of millennials expect to live in single-family homes by 2020, according to a study from the Urban Land Institute, a real estate and land use think tank.

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