Will 2019 Be The Year of the Millennial Homebuyer?

Millennials have a reputation for shunning homeownership, but that may change this year.

Couple standing in kitchen in new house

Homeownership may be easier to accomplish for first-time buyers this year. (Getty Images)

Only 32 percent of millennials owned a home in 2015, according to a 2018 Millennial Homeownership Report from the Urban Institute. However, that might change in 2019.

While interest rates are rising, housing prices are expected to stabilize, offering additional affordable options to first-time homebuyers. Plus, mortgage lenders are experimenting with new ways to check creditworthiness and streamline the application process.

When it comes to whether the climate is favorable to millennials entering the housing market, Leo Loomie, senior vice president of client development for mortgage solutions provider Digital Risk, suggests “there are more tailwinds than headwinds going into 2019.”

However, millennials still like the flexibility of renting, so the reality of a wave of millennial homebuyers in the coming year is no sure thing. While millennials may be able to get mortgages in the coming year, the appeal of being able to move at will may win out over the prospect of homeownership.

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