Every month Fannie Mae conducts the National Housing Survey, asking a sample of 1,000 American telephone respondents how they feel about the US Housing Market. Historically Americans are very bullish on the market, with roughly 2x as many people thinking that is a GOOD time to buy verse a BAD time.
But that has changed over the last several months. Now a record share of Americans – and particularly Millennials – think it is a BAD time to buy. The most pessimistic age groups are the 35-44 and 18-34 year old age segments. This data seems to contradict the mainstream notion that millennial demand in the Housing Market is robust.
Why are Millennials BOYCOTTING the Housing Market in 2021? Likely because they are more pessimistic towards housing in general than other age groups. After all, Millennials grew up during the massive 2007-12 Housing Crash, witnessing first hand how volatile and risky the US Housing Market can be.
The result is that, even with record low interest and mortgage rates, Millennials are hesitant to the buy into a market that looks like a Housing Bubble.
And they could be right to feel that way. After all, home prices in America are at their highest level ever relative to inflation according to the Case Shiller Home Price Index. The last time prices were even close to this high was during the massive 2006 Housing Bubble. We all know what happened after that.
Fannie Mae Housing Survey:
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0:00 Millennials not Happy
1:32 66% Say: BAD TIME TO BUY
2:55 Why so Serious?
4:39 Millennials = most PESSIMISTIC
7:04 Growing Up in a Housing Crash
9:45 Buyer’s Remorse is REAL
12:05 Deluge of Listings on the Way?
14:12 BIGGEST BUBBLE EVER
16:23 Millennial Housing Market Rejection
17:42 Become a Reventure SPONSOR!
#HousingCrash #HousingBubble #MillennialBoycott