US Real Estate Market Short 7.2 Million Homes — 8 Things Younger, Wealthier Millennial Buyers Are Looking For

Author: GO Banking Rates

The real estate market is starting to ease up a bit. Yet, mortgage rates are still hovering around 7%, and home prices are still high — mostly driven by the lack of inventory.

While the number of homes for sale has been recovering from pandemic-era lows thanks to a surge of new construction, a new Realtor.com analysis found the market is still missing up to 7.2 million homes, the result of more than a decade of underbuilding relative to population growth.

And for millennial homebuyers, the road to homeownership can be particularly difficult, as this cohort is already dealing with several financial responsibilities including having a family, resuming the payment of student loans and taking care of aging parents…

Tech integration and eco-friendly features

Smart home features are highly valued for that cohort, including advanced security systems, smart thermostats, integrated home entertainment systems, lighting and home automation that can be controlled via smartphones or other devices, said Leah Robinson-Christian, associate broker at Engel & Völkers…

Read more here.

This was also published to Yahoo! Finance, Nasdaq, and AOL.