As the economy improves, more millennials are expected to be moving out from their parents' homes and into houses and rentals.
According to Realtor.org, millennials are expected to make $1.6 trillion in home purchases over the next five years. As millennials are expected to want to pursue home ownership, many will first rent property until they can afford a home.
According to Realtor.org and The Demand Institute, some millennials are expected to take alternative ways to owning a home, based on the changes in the housing market and financing that previous generations didn't face. Some millennials may first live in single-family rentals and form lease-to-own contracts.
As millennials look for homes and areas to settle down in, they are expected to flock to areas with the best job markets.