I was lucky enough to have the chance to visit Fannie Mae a couple weeks ago when I traveled to D.C. with other NH Housing members. We were given a very informative presentation that included some interesting tidbits, such as:
Millennials (people born in between 1981-2000) already make up the largest generation in U.S. history and they project to add 2.2 million households to the market per year over the latter half of the decade.
With that being said, only 37% of millennials aged 25-29 have actually formed households, compared to 43% of GenXers (~2000) and 47% of Baby Boomers (~1980).
Racial/ethnic minorities are projected to account for nearly 75% of household growth over the next five years.
Renters considering buying a home consider credit history to be their biggest obstacle, while concerns such as income and job security aren’t as serious as they were five years ago.
The opportunity to travel to D.C. and learn about the mortgage business from different perspectives, both from politicians and federally sponsored enterprises we work with such as Fannie Mae, was enlightening.
I would also like to take a second to thank Senator Kelly Ayotte for talking time out of her schedule to speak with all of us NH housing folk. All in all, our trip to the nation’s capital was as fun as it was instructive, and I look forward to sharing more information over the next few days.