Millennials aging into homeownership
Herrie Son and Kyle Komline, recent NYU grads, look at a home for sale in Nashville in January 2012. / Samuel M. Simpkins, The Tennessean 
We're getting so old. As Millennials age into their 30s, they're expected to make like adults and finally start to buy their own homes, according to Harvard's Joint Center for Housing Studies' annual report out Thursday.
The report says households in their 30s will increase by 2.7 million between 2015 and 2025. Overall, Millennials are expected to make up 24 million new households in the next decade.
The increase could spell good news for the housing market. First-time homebuyers have been very slow to enter the market since the recession. The homeownership rate of those under 35 was 36.8% last year, just a 0.1% increase over 2012. And get this: 2.1 million more young adults lived with their parents last year than what was expected based on pre-recession household formation rates.
Rising student loan debt and flat wage growth hasn't helped. Student loan debt increased by $114 billion last year, according to JCHS. And median income for households ages 25 to 34 fell 11% from 2002 to 2012.
But as the economy slowly recovers and Millennials reach relative young adult old age, they're going to start making up for their absence in the housing market, says Chris Herbert, research director at JCHS.
'As they move into their early 30s, I think we'll see more first-time homebuyer demand,' he says. 'That's going to help give the housing market the spur it really needs.'
Real estate companies are already adapting to a new wave of younger customers, with social media marketing campaigns and YouTube channels.
Coldwell Banker Realtor Jessica Edwards says she's given clients Facetime tours of homes. She also has a YouTube channel where she posts videos of herself giving tips to homebuyers. She says Millennials do their research and agents have to be prepared for very informed clients.
Coldwell Banker is also partnering with Buzzfeed to provide content, in true Buzzfeed form, like: '74 Thoughts Everyone Has When Buying Their First Home.'
'As a real estate agent when we first sit down with them you need to be 10 times more prepared,' Edwards says.
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