Two-thirds of millennials ‘likely’ to buy home in next 2 years; BofA

The housing market has been hot for a couple of years now, and that’s unlikely to change any time soon as millennial demand remains red hot, according to new data from Bank of America (BAC).

The 2022 Millennial Home Improvement Survey found that 67% of Generation Y responded that they were likely to buy in the next two years.

“The #1 reason cited was an improving financial position, following the trend from the last few years of our survey,” BofA Global Research’s Senior Retail Hardlines Analyst Liz Suzuki wrote in the report. “This is consistent with strong household balance sheets and rising wages in the U.S. Compared to prior years’ surveys, a larger percentage of respondents also stated that they are receiving financial support from others.”

Members of the “Generation Y” cohort — composed of people born anywhere between the years 1980 and 1996 — currently are the largest segment of the home buying population. Millennials make up about 43% of new home purchases in the United States, up from 37% in 2021, according to the National Association of Realtors.

Millennials represent about one-fifth of the U.S. population, and have also been the fastest-growing segment of the home-buying market. According to the survey, a majority of millennials are now homeowners. Fifty-three percent of millennials…