While the housing market might be lightly tapping the brakes as of late, a new report found that a wave of new buyers is coming — although how robustly they arrive will vary from city to city.
While there was an impressive wave of first-time home buyers over the last decade, Zillow did the math and found that in the next 10 years, an extra 3.11 million people will be at that prime first-time buyer age — 34.
“From 2019 through 2028, 44.9 million people will turn 34, the median age of current first-time home buyers,” Zillow said. “That’s an increase of 7.4 percent from the past 10 years, when 41.8 million people passed that threshold.”
Now, sure, not all of these prospective new buyers will actually be clamoring to buy homes when they hit their mid-thirties, that huge influx in potential buyers will definitely have an impact on the market. The largest three-year generational group in the U.S. right now is only 24 to 26 years old — which means that the increased strength of their potential buying power has not been realized yet.
In Dallas-Fort Worth, it’s estimated the metro area will see about a 3.1 percent increase in potential homebuyers in that age range. Other major metros in Texas will also see increases — Austin and San Antonio well each see an estimated 14.2 percent increase, while Houston will see a 6.1 percent increase. (more…)