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“The demand is so huge, it’s actually historical,” she said. “There are 71.2 million Millennials out there,” she said. “Fifty million have not bought a home.”
Freddie Mac began tracking migration patterns during the spread of COVID-19, yielding a snapshot on Millennial behavior. She reminded those gathered how the pandemic prompted employers to allow their employees to work from home.
“And guess what? Millennials loved it,” Guerra said. “And they loved it so much that they packed their bags.”
Much of that migration was to the aforementioned coastal states, Guerra said, but other parts of the country were destination points for the demographic. She said some Millennials went elsewhere due to the high price of housing in California – a preferred stop for many.
“They were feeding into so many other states, particularly Arizona, Texas, Alabama – what we consider states that are affordable by price point,” she said. “The sales price point within California is $928,000, and that’s quite high. So they migrated inward. They love the Midwest as well.”
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