Markets & Economy

More millennials are living in single-family homes

Fannie Mae report and commentary find that millennials favor living in single-family homes, whether they buy or rent

Much has been written in recent years about the millennial generation and the challenges young people face in getting a mortgage loan, but whether today’s young adults choose to dip their toes into homeownership or rent their homes, one thing is clear: They prefer to live in single-family homes in either scenario. Offering a recent commentary for Fannie Mae, Patrick Simmons, director of strategic planning for the government-sponsored enterprise’s Economic & Strategic Group, said millennials’ “desire for single-family homes is not only substantial, but should strengthen in coming years as more members of the cohort age into their 30s, prime years for first-time homeownership.” Simmons’ commentary is based on Fannie Mae’s latest Housing Insights edition titled “Rent or Own, Young Adults Still Prefer Single-Family Homes.” Previous editions of Fannie’s Housing Insights have documented the distinctive housing consumption patterns of today’s young adu...