Millennials are the largest living generation, however, according to Freddie Mac’s March Insight report, they are falling short of dominating the housing market.
Freddie Mac’s latest report examines the young adult generation, Millennials, or those born from about 1980 to 1994. With the youngest Millennial turning 24 this year, many are beginning to wonder what’s keeping the largest generation since the Baby Boomers from entering the housing market, and what will happen when they do.
As of 2016, there were about 45 million young adults aged 25 to 34 in the U.S., which is four million more than those aged 35 to 44, according to the U.S. Census Bureau. Freddie Mac explained that a population of this size should be fueling the housing market. There’s just one minor problem.
The headship rate.
The headship rate, or percentage of those heading a household, among young adults age 25 to 36 was down 3.6 percentage points in 2016 compared to 2000. If…