There is a huge wave of Southern Californian millennials coming to age… the home buying age. What does that mean? There is 2.76 million potential buyers coming to our already horrible, cramped, over-priced housing market. And that’s not even counting the near-20% coming to San Diego.
Here are the numbers, according to Zillow studies:
- The median age of a first-time homebuyer in the West is 33.
- In Los Angeles, Long Beach, and Anaheim, 2.08 million people will turn 33 from now to 2029. That’s 12.2% more than in the last 10 years.
- In Riverside 676,025 people will turn 33 in the next ten years. That’s 11.4% more than in the last ten years.
- San Diego has the highest difference in Southern California, by far. They are expecting 552,573 people to turn 33 with in the next ten years, and that’s 19.4% (almost 1/5th) more than in the last decade!
As we all know, supply on housing is low, and it’s, more than likely, about to go lower. Starter homes, which are at the bottom third in price of the market, are becoming more and more pricier, and less and less available. Without supply to meet demand, the more challenging it will be for first-time home buyers to fulfill their dream of owning a home and the age for this will continue to increase.
