Despite mortgage rates that have more than doubled and sky-high prices, the housing market just keeps chugging along, avoiding the crash that some economists feared. You can partly thank millennials, the generation that’s usually blamed for the country’s financial ills.
Though millennials have taken the brunt of the blow as housing affordability deteriorates, they are also the largest generation in U.S. history. And while much has been made of their inability to afford housing, they will continue to lead the country's “household formation,” which equates to housing demand, for the foreseeable future, according to a recently published analysis from Ned Davis Research’s chief eonomist Alejandra Grindal and research analyst London Stockton.
