“It’s just a question of when and preparedness,” Codel said.

Student Debt

One factor limiting millennial purchases is the “tremendous amount” of student debt they’re burdened by, according to Dennis Carlson, deputy chief economist at Equifax Inc.

“I don’t think it’s the only issue holding millennials back,” he said at the panel, adding that unemployment and underemployment are keeping some young people from making property purchases.

First-time buyers are likely to have the most impact on the existing-home sales market because prices for new houses tend to be higher. They’re entering the new-home market from a “virtually nonexistent” level, and remain constrained by tight credit, Stuart Miller, chief executive officer of Lennar Corp., said on the homebuilder’s earnings conference call Wednesday.

“The doubling up of the millennials during the downturn will ultimately unwind and give way to household formation,” Miller said. “We’ve already seen evidence that this is beginning to happen.”

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