Millennials Enter the Home-Buying Market
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Todd Cunningham: “We see that the millennial generation, which everybody talks about as being a renter, is starting to enter the market.”
IRVINE, CA—Millennials are beginning to enter the housing market, according to Todd Cunningham, principal and co-founder of Woodbridge Pacific Group. In an earlier story, GlobeSt.com reported that the WPG is expanding its development platform and has secured $200 million in capital through its New York-based equity partner for four residential projects and land acquisitions. After speaking with Cunningham, we have learned that household formation, an increase in jobs and millennials beginning to enter the home-buying market, were among the drivers behind the strategic expansion.
“This growth has been driven by an increase in household formations and jobs. We see that the millennial generation, which everybody talks about as being a renter, is starting to enter the market,” Cunningham tells GlobeSt.com. “We are already seeing it, as they start to get married and have kids. Once that first time homebuyer comes back to the market, it will drive everything else and push the market forward.” The capital will allow the company to purchase larger sites that can accommodate anywhere from 250-400 homes, he explains, where as prior to the equity commitment, the firm worked on smaller projects…
