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What Millennials Mean for Wisconsin's Housing Market 

Welcoming Housing Market

A welcoming market

In 2015, the Millennial generation became the largest numerical segment of America's workforce. In 2016, they will become the largest percentage of the workforce. Although Millennials have been slow to enter the housing market, the National Association of REALTORS® indicates that 91 percent of Millennials report that they want to get married and own a home. As they do so — and many have already bought homes — they will become the largest generation of homebuyers in American history. In the first edition of the Insights report, professor Steve Malpezzi of the James A. Graaskamp Center for Real Estate at the Wisconsin School of Business provides information and insights about your future customers. 

Millennials find good prices and affordable financing 

Median Monthly Rent
In Wisconsin, Millennials will find good prices and affordable financing. Mortgage rates have been rising recently but are still low since the Greenspan put during the 2001 recession, and prices have strengthened lately but are still below 2006 peaks. Overall, both national and Wisconsin data from experts confirm that housing affordability is solid for those who can qualify for a mortgage.

Wisconsin is in better shape than many others in this area. Research on house prices currently under way at the Graaskamp Center confirms that Wisconsin markets have been much less volatile than other markets. Wisconsin experienced an early 2000s boom and a post-2006 bust, but these were modest in all major metropolitan markets across the state compared to much of the rest of the country. Recent prices in Wisconsin have shown moderate growth in line with fundamentals, and Wisconsin markets are affordable and stable.

 
 
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