Are Millennials finally fleeing the nest?

We believe new and existing home sales appear positioned for a sustained, moderate – but jagged – multi-year recovery that should persist for years, supported by a plethora of demographic, cyclical and financial factors.

For the past decade, the percentage of young adults living at home has surged to record highs, but this trend may be about to reverse, placing US household formations at a significant inflection point. As Millennials enter the prime household-forming age range, we could see the release of pent-up housing demand over the next three to five years. This could be spurred by improved job prospects, accumulated savings from living at home — and parents’ growing desire to be home alone.

Michael Arends – The Boston Company Asset Management, a BNY Mellon company

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