Home News Millennials, boomers part of ‘triple threat’ driving up housing prices: Real estate expert

Millennials, boomers part of ‘triple threat’ driving up housing prices: Real estate expert

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Baby boomers and millennials are part of the “triple threat” that pushes prices up. Housing marketAccording to the founders and executives of America’s largest owner of single-family homes.

“The baby boomers have a huge inventory,” Pretium CEO Don Mullen told FOX Business. Maria Bartiromo upon “Morning with Mary” Wednesday.

“And as a result, the bulge of millennials coming through the system, people choose to age on the fly, and even more so for COVID, a combination of accelerating demand … in addition to low construction. “He added. It has pushed all prices up for 10 years and will continue to do so. “

Don Mullen, CEO of the largest single-family home in the United States, warned that the housing market is facing a “triple threat” problem coupled with supply shortages, at “Mornings with Maria” on Wednesday, May 18. May cause “affordable housing crisis”, 2022 (Getty Images)

Mullen said he founded Premium in 2012 when millennials were hoping to build a household in a “classic” single-family home as they grew older. Instead, demographic changes have taken hold.

CENTURY 21 CEO warns that “we haven’t built enough homes” to meet this “pent-up” demand.

“Given the numbers of millennials forming households and aging, the average age of people moving out of a single-family home was 60, 20 years ago,” said the CEO. “I’m 74 years old now.”

He believes that the only solution to lowering soaring housing costs is to reduce the number of buyers.

“The only short-term answer to rising home prices is a decline in the number of people buying,” he said.

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Mullen’s comment release According to May results from the National Association of Home Builders / Wells Fargo Housing Market Index (HMI), builders’ confidence in the market for new single-family homes fell by 8 points to 69. Decreased, the lowest since June 2020.

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