Taylor Morrison Home CEO Sheryl Palmer sees a major opportunity for the U.S. housing market over the next decade as more millennials hit prime homebuying age.
Nearly 45 million Americans will reach the general age of first-time homebuyers in the next 10 years, 3.1 million more than in the 10 years prior, according to a recent analysis by Zillow.
But fewer of them can afford to buy a home. The homeownership rate among millennials is about 8% lower than previous generations at their age.
By Emma Newburger | CNBC
Taylor Morrison Home CEO Sheryl Palmer sees a major opportunity for the U.S. housing market over the next decade with the acceleration of the millennial generation hitting prime homebuying age.
“We have a huge wave coming at us over the next 5-10 years. It’s one of the reasons I’m so bullish,” Palmer told CNBC’s Diana Olick at the network’s Capital Exchange forum in Washington, D.C., on Thursday.