How Millennials Are Shaping The Housing Market : Planet Money : The Indicator from Planet Money It's time to bust some myths about millennials... real estate edition! Millennials are a big part of the real estate boom this year. How did that happen? We speak to an industry insider and an economist to find out more.

Millennial Myth-Busters: Housing Edition

Millennial Myth-Busters: Housing Edition

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miodrag ignjatovic/Getty Images
(miodrag ignjatovic, Getty Images)
miodrag ignjatovic/Getty Images

Real estate prices have gone up dramatically in the U.S. over the last year. It's classic economics — not enough supply and lots of demand. On the supply side, costs for construction materials have gone way up. So have labor costs.

On the demand side, along with low interest rates and increased income, many millennials are relocating to new cities, with ramifications for decades to come. There are currently more millennials than boomers in this country.

So now would be a good time to bust some millennial myths. Hint: They're buying lawn mowers.

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