Register photo by Jeff Collins, the Orange County Register/SCNG
It’s equal to 276,000 more locals needing a home yearly vs. an average 42,000 new housing units created annually
By Jonathan Lansner | Orange County Register
If you think it’s already hard to find a bargain in the Southern California home market, imagine adding a youthful flock of 2.76 million potential house hunters to the equation.
Data crunchers at Zillow say a house-hunting imbalance is brewing, created by an expanding wave of millennials. This group faces a challenging supply of housing, especially “starter homes” — defined by Zillow as the bottom third of a market, price-wise. These residences are getting more expensive — and there are fewer available to buy.
Millennials are just reaching their prime homebuying age, and eventually living with parents or other roommates just won’t cut it.
