Report: Housing market disadvantaged as millennials leave state

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The Illinois Policy Institute believes that if Illinois’ millennials would stop leaving the state, they could play a key role in the recovery of the housing market there.

Among the points made in the article, “Millennials could be key to Illinois’ housing recovery – but they are fleeing the state,” were:

  • Millennials comprise the largest group of U.S. home buyers during the last four years (NBC News);
  • First-time home buyers have been the largest economic driver of the U.S. housing market since 2014 (GenWorth Mortgage Insurance);
  • Illinois’ net loss of millennials during a four-year period was the second worst in the nation, 80.6K (Internal Revenue Service);
  • Illinois is the state with the third largest percentage of homes “seriously underwater” (RealtyTrac); and
  • Other factors such as low employment rates and high taxes make it more difficult for millennials who stay in Illinois to become first-time home buyers in Illinois.

Read the entire Illinois Policy Institute article.

 

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