It’s going to be an intense house-hunting season — especially for young buyers.
After years of many experts lamenting how Millennials weren’t interested in becoming homeowners, it turns out many are actually diving in. But they’re facing a lot of competition.
Millennials are the largest group of homebuyers, according to Ellie Mae, a software company that analyzes mortgage data. In January, Millennials represented around 45% of all purchase loans, up from 42% the same month in 2016.
And many expect more Millennial house hunters to jump into the market this spring buying season.
But their path to homeownership won’t be easy.