Incoming wave of millennial homebuyers is a major opportunity for U.S. housing market, says Taylor Morrison CEO

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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.

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