Barry Ritholtz, Columnist

Millennials Leave the Basement to Buy Homes

This points to a rise in spending on furniture, appliances, electronics and cars that will lift earnings and power stocks.

November 10, 2017 at 4:41 PM UTC

By Barry Ritholtz

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

A normal progression.
Photographer: Benjamin C Tankersley/The Washington Post/Getty Images

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A few years ago, I wrote “The economy will one day improve, and the millennials will move out of their parents’ basements. When that happens, expect to see homeownership rates move back higher.”

That day has arrived. Millennials are forming new households,1510330647504 moving to the suburbs, buying furnishings and SUVs. According to Zillow Group data, people aged 18 to 34 have become the largest group of homebuyers in the U.S.