Chicago may be destined to benefit from the potential surge in home ownership by the Millennials, a generation that has largely been absent from closing tables, but industry experts are hoping 2015 is the year they surge to the front.
Nationally, the number of first-time homebuyers has declined to 33 percent, it's lowest level since 1987. Meanwhile, the demographics and life choices of Millennials are starting to push them towards homeownership.
The Millennial generation is defined as those born between 1980 and 1999 and is the largest generation since the baby boomers. While the generation's oldest members are in their mid-30s, many have eschewed homeownership in favor of renting.
The Chicago Tribune recently interviewed Sam Rosen who will turn 30 this year. He and his fiancee are currently renting a large apartment in Noble Square but are interested in swapping their $2,000 monthly rent for a mortgage. But the market crash of the mid-2000s has always given them pause.
"It hit close to home," Rosen told the Tribune of the mortgage crisis. "I saw people struggle who I always considered smart, hardworking people who lost and got screwed."
In spite of them, with marriage on the horizon for the couple, homeownership remains a life goal and something that pairs well with marriage for them.
And Chicago may be the city most likely to benefit from the coming surge in Millennial homeownership: they have a stated preference for urban settings and, while the city's real estate prices have rebounded, they're still below the national average and among the most affordable urban areas.
To read the Tribune's full report (behind a pay wall), head over here.