The Millennial Generation, adults born between 1981
and 1996, were late bloomers when it came to buying a home. They came of age just in
time to be clobbered by the Great Recession, have been burdened by high levels
of student debt, were slow to form households, and once they did, watched home
prices skyrocket. Still, as economist Archana Pradhan points out in the October
edition of CoreLogic’s Intelligence Newsletter, the generation has now
embraced homeownership enthusiastically. 
Pradhan says Millennials have accounted for the
largest share of home purchase mortgage applications since 2016 and accounted
for 51 percent so far in 2021, up from 46 percent in 2019. Younger Millennials
are still in their first-home buying years while older members of the
generation are of an age to be moving up. In both cases they are a potent force
in the market. In 2021 they have accounted for 67 percent of mortgage
applications for first-home purchases and 37 percent of those for repeat
purchases.

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