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Millennials now largest generation in housing market

CHERRY HILL, N.J. – Aug. 2, 2016 – New research from TD Bank reveals that millennials are more conservative with their money than their youth would suggest. In fact, nearly two-thirds are saving cash in order to buy their first home.

However, 74 percent of millennials say that saving for a downpayment is still the most significant hurdle to achieving the American dream, according to TD Bank’s second annual First-Time Home Buyer Pulse, which polled more than 1,000 Americans looking to purchase a first home within the next five years.

“It’s encouraging to see millennials thoughtfully prepare to enter the housing market,” says Scott Haymore, head of pricing and secondary markets at TD Bank. But he says that selected mortgage programs can help millennials make the transition to homeownership sooner rather than later.

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