Millennials are key to a stronger housing market, according to a report from Harvard University’s Joint Center for Housing Studies. The largest and most diverse generation in history, millennials (persons born between 1985 and 2004) will make up 24 million new households between 2015 and 2025, substantially boosting demand for rentals and starter homes.
The leading edge of this generation will soon reach their 30s, the age range in which household formation ramps up. As a result, the number of households in that age group will rise by 2.7 million in the next decade, according to the study.
“Ultimately, the large millennial generation will make their presence felt in the owner-occupied market,” says Daniel McCue, research manager of the Joint Center, “just as they already have in the rental market, where demand is strong, rents are rising, construction is robust, and property values increased by double digits for the fourth consecutive year in 2013.”
That’s good news for Columbus and central Ohio, since millennials tend to move to cities with strong employment and affordable housing. Columbus has been ranked among the top 25 cities for millennials. In addition, Forbes magazine has ranked Columbus among the top three cities for technology jobs and in the top 30 cities for business and career growth.
At Herlihy Moving & Storage, we’ve been a part of the growing community in Columbus for the past 20 years. We’re looking forward to helping many millennials move into their first homes in the coming years.