More Millennials Leaving the Nest and Seeking Home Ownership

Moms and dads everywhere can breathe a sigh of relief. An improving economy is sending more young adults back into the real world, after the recession of 2007-2009 caused many college students to return to their parents’ place rather than rent apartments or purchase new homes of their own.

In 2011, the number of households nationally increased by 1.1 million, a major improvement from the 500,000 average that occurred from 2008 to 2010, according to the Cleveland Federal Reserve Bank. The majority of this growth is due to college graduates finally starting off on their own.

Both the rental and single-family markets are benefiting from this increase. Apartment construction is growing nationally and locally, and in Chicago it is expected that developers will add more than 7,000 apartment units to the area by December 2014. Neighborhoods such as River North and Bucktown are especially booming due to an influx of young professionals.

As far as the single family housing market is concerned, the National Association of Home Builders estimates that 916,000 new residential projects will start this year, an increase from 780,000 in 2012.

Not only is new construction good for the housing market, it can also further benefit recent grads by adding new jobs. Economists predict that for each new single family home constructed, at least three jobs will be created. More millennials leaving the nest also means a boost in demand for everything from furniture to home décor and paint.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.