Millennials are getting married and having kids later in life.
But they’re still getting married and having kids.
So far, millennials haven’t been a huge player in the housing market.
But this shouldn’t be surprising given that, 1) people increasingly delay home-life thanks to better education and career opportunities, better health care, and changing attitudes towards social and reproductive practices, and 2) logistically speaking, there’s no reason to buy a four-bedroom home in the suburbs when you are single.
But what is interesting, as noted by economists at Wells Fargo, is that this general trend by millennials is not unlike what people in the previous generations did:
“Millennials have frequently been portrayed as a generation that does things differently, particularly when it comes to housing. Yet, part of Millennials’ retreat from the housing market comes as they are waiting longer to get married and start families … The pushback in the timing of marriage and children is a trend that dates back to the Baby Boomers, suggesting that millennials are not so different than prior generations and that home buying will be delayed, but not entirely forgone.“
And as the the chart from Wells Fargo shows, although the age at which millennials are getting married and having kids is getting older, millennials are still getting married and having kids.
Not so special after all.
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