Mortgage News

What I learned from HUD Secretary, Julian Castro

October 30th, 2015

On Monday, October 26th, I joined a virtual townhall meeting held by that focused on millennials and the housing market. The discussion featured Julian Castro, the Secretary of Housing and Urban Development. It also featured Jonathan Smoke, who is the chief economist for

Some of interesting statistics they mentioned:

  • Millennials make up 27% of US population
  • Millennials constitute 68% of first time homebuyers
  • In the past year, millennials constituted 15% of sellers
  • About 60% of millennials are currently renting
  • 65-70% of adult millennials have looked at real estate online in a given month

Some of the other topics they covered:

Secretary Castro mentioned that homeownership provides stability to individuals, families, and communities, and I think that resonates with the millennial generation.