Millennials and Remote Work Reshape the Market
Strong demand from Millennials, first-time homebuyers and remote work.
GREENSBORO, N.C.–(BUSINESS WIRE)–Home sales, which increased more than 6% in 2021 to a 15-year high, will remain strong this year — supported by solid demographic trends and an expected increase in the number of homes for sale, according to the winter edition of The Housing and Mortgage Market Review (HaMMR), released today by Arch Mortgage Insurance Company (Arch MI), a leading provider of mortgage insurance.
HaMMR also examines the affordability challenges facing prospective first-time homebuyers and evaluates how working remotely has impacted homebuying decisions.
While rising prices are squeezing entry-level buyers, many factors continue to energize overall demand, according to HaMMR author Parker Ross, Arch Global Mortgage Group’s Senior Vice President and Chief Economist. “Housing demand fundamentals will remain strong in 2022 due to the large number of Millennials entering their prime homebuying years, strong wage growth, the persistence of remote work, savings accumulated during the pandemic, record levels of home equity and the likelihood that some buyers will rush to act ahead of anticipated increases in mortgage rates,” Ross said.
- The Housing and Mortgage Market Review is posted at archmi.com/hammr. The Winter 2022 issue examines trends driving home purchases, the key challenges facing homebuyers and the communities benefiting as longer-distance moves become more common.
- Parker Ross will host a Housing Update Webinar on March 3 at 2 p.m. ET, covering the main HaMMR points and offering his perspective on the direction of the U.S. housing market. Registration is available at archmi.com/hammr.