Millennial demand helps stoke the housing boom

HOME OWNERSHIP had long been a distant dream for many millennials. But after years of putting off marriage, delaying parenthood and battling student debt, the so-called Generation Rent is at last emerging as a big driver of the housing boom in the rich world.Typically defined as those born between 1981 and 1996, millennials make up the largest generation ever in America. As more of them reach their peak buying years, they are becoming a force to be reckoned with in the property market. In America they represent the fastest-growing segment of buyers and have accounted for more than half of all mortgage applications over the past two years. CoreLogic, a research firm, estimates that millennial homebuying was responsible for more than 60% of property-sales growth in 2020. British millennials are now more likely to own their home than to rent. And nearly half of adults aged 25-35 in Canada have bought property.