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A generation of home buyers waiting in the wings

A majority of young adults still want to own a home, despite the troubled housing market of the past several years, according to a recent report released by Wells Fargo.

Thirty-six percent of so-called Millennials own a home today, and 66% said they see themselves as homeowners within the next five years, the report found. The Wells Fargo report defines Millennials as people born between 1979 and 2001.

There are 51.5 million people between the ages of 20 and 31, prime ages for becoming a first-time homeowner. There are more people in this home-buyer age group than there were baby boomers of that age in 1977.

The finding is encouraging for the housing market because it suggests strong housing demand in the years ahead…Full Article at Market Watch

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