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Millennials Drive the Housing Market, and More Surprises From New Zillow...

It was friends and the rising cost of rent that finally turned Matt Fong’s attention toward buying a home. “Then I saw another friend buy a home and rent out rooms to make a profit. Only 66 percent of millennial homeowners are white, compared with 77 percent of all homeowners. Nearly half of millennial homeowners live in the suburbs Another surprise from the new report is that a large number of millennial homeowners — 47 percent — live in the suburbs. Their willingness to live in the suburbs, along with the fact that millennials waited longer to buy their first homes, may be part of the reason new Zillow research also reveals that today’s “starter” homes are almost as large as “move-up” homes and cost just 18 percent less. Renting still looks good Although millennials are jumping into the homeowner pool in greater numbers than previously believed, it is not without second thoughts. Two-thirds of millennial buyers consider renting at the same time they shop for a home — and one in three seriously consider it. It’s become the norm for buyers to make more than one offer before they close on a purchase. Fong, in Seattle, is among the 24 percent of buyers who made three or more offers. Home buyers, by comparison, make $87,500 on average.