12.14.21
The Wall Street Journal reports that millennials now account for over half of all mortgage loan applications with the largest spike occurring in the past year. According to CoreLogic, millennials accounted for 67% of first-time home purchase mortgage applications and 37% of repeat-purchase applications in the first eight months of 2021. Market observers believe the pandemic and the introduction of remote work coupled with student loan payment forbearance and federal stimulus checks accelerated millennial home-buying trends. These latest figures are a major reason why many economists forecast home-buying demand is likely to remain strong for years to come.