By Matthew Hendley | Phoenix New Times
There’s been a lot of speculation from media types that Millennials can’t or won’t buy homes, and it seems to be turning out that way around here.
According to the monthly real estate report from Arizona State University’s Center for Real Estate Theory and Practice, Millennials in the Phoenix area “are less engaged in home-buying than might be expected.”
If you’ve read one of the dozens and dozens of reports on Millennials and home ownership, then you’re probably aware that the bar wasn’t all that high to begin with.
“This represents pent-up demand, but at the moment, the realized demand is much lower than expected,” the ASU report states. “A larger percentage of the population than normal is choosing to rent, either because it fits their lifestyle or from financial necessity, having neither the credit history nor down payment needed for a home purchase. Indeed, competition for rentals is much stronger than competition for homes to buy. If it persists, this could lead to rent increases over the next two years.”
