By KIMBERLEY HAAS Millennials keeping the market hot, racial bias affecting home appraisals, and automated valuation technology were discussed on Tuesday during a webinar designed to address what mortgage professionals should expect in 2022 and beyond. Jeremy Sicklick, CEO and Co-Founder of HouseCanary, Inc., predicted millennials would generate demand in the housing market over the next ten years. “Effectively, demand will continue to exceed supply,” Sicklick said. “As we look forward, really over the decade, I mean, we are very bullish on housing, and that comes back to just the sheer number of Millennials and household formation that’s going to occur. There’s just a massive amount of demand out there.” Founded in 2013, HouseCanary in San Francisco, Calif., is a…
Millennials spend more of their monthly income on homeownership costs than other generations and are at the greatest risk of becoming house-rich and cash-poor, according to a new study from Hometap. The study, a survey of 1,000 US homeowners, found that 83% of millennials carry at least some debt, compared to 72% of baby boomers. Of everyone surveyed, 47% were negatively impacted by the pandemic, and 77% carried some debt. More than a quarter of all homeowners say they plan to tighten their budgets until their debts are paid. But as homeownership costs rise, paying down the debts may become increasingly difficult. Hometap found that 52% of homeowners spend at least 16% of their monthly income on mortgages, and 46%…
A Zillow analysis of the age, sex, race, and income of home buyers over the last decade revealed demographics might have more to do with the sizzling housing market than the pandemic. Millennials and baby boomers have been on a path to face off in the housing market since before the pandemic due to retirement trends and Millennials entering their 30s, typical homebuying years. Though Millennials are currently the most impactful force in the housing market, Boomers are currently gaining. The median buyer age rose from 40 to 44 between 2009 and 2019. The share of recent buyers who are over 60 years old rose 47% from 2009 to 2019, while the share of buyers ages 18–39 dropped 13%. Lack…
