Marketing mortgages to millennial members

Credit Unions looking for young Members may have a new market for home buyers as the largest American generation leaves the apartment life for greener pastures.

Since the beginning of the recession, first time home buyers have been reluctant to enter the housing market, with record numbers electing to remain in homes with their parents well past the traditionally defined national home ownership age.

However, recent reports including the annual State of the Nation’s Housing released by Harvard University’s Joint Center for Housing studies show that this trend could be shifting as the continuously recovering housing market and the settling of the Gen Y crowd into their thirties lead to a higher percentage of potential owners. In fact, in the coming decade, Millennials are expected to account for twenty four million new households.

At the same time, the decline in the housing needs of retiring baby boomers will open the doors to other young people who already own starter homes, giving them a chance to expand on their already large housing investments. With those projections accounting for another thirteen million households, it’s clear to see that our largest generation in history is poised to make a humongous splash in the market.

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