An unlucky generation is coming into its own — getting married, having kids and buying homes. The nation’s fastest-growing Sun Belt metros, with their strong job markets and affordability, stand to reap the rewards.
1985 was one of the worst years to be born in recent memory. These Back to the Future babies graduated from college in the depths of the Great Recession. Their early to mid-20s were spent searching for jobs that were few and far between. The tight rental market that came after the housing crash lasted through to their late 20s. And now an even tighter housing market has lasted into their mid-30s. I should know — 1985 was the year I was born. My fellow millennials rank among the unluckiest generations.
But today their fortunes are turning. Many millennials, especially the older ones, are flush with savings and are starting families. Those who already owned homes hit the equity jackpot with the pandemic’s historic run-up in house prices. The 70 million-plus millennials, born between 1981 and 1996, are the largest share of homebuyers today but are not yet the greatest share of homeowners, so they have ground to make up. And their lifestyle preferences are shifting as they buy homes and settle down, have kids, and grow in their careers.
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Michael Hendrix is the director of state & local policy at the Manhattan Institute.
This piece originally appeared in Governing