Millennials are the generation of young adults who were born between 1981 and 2000. Much has been written and said about this generation’s lack of interest in becoming homeowners and even their relative fear of being burdened with Housing debt after being hit hard by the 2008 recession. Remember that failing banks and high foreclosure rates were prevalent in the recent recession. It is true that many Millennials have steered away from home ownership in the past, but today’s reality is that many younger Americans are now taking advantage of low interest rates and a strong housing sector. They are deciding to become homeowners for the first time, and some are even buying their second or third homes. With 90 million people in this generation and with many just entering the housing market, you can see that millennial housing could play a significant role in the economy in the years to come.

A Generation on the Brink

It is estimated that approximately 20 million millennials are already homeowners. Some may think that this generation of individuals who have been historically timid about entering the housing marketing may be at its peak, but the reality is that the median age of millennials is currently 23 years old. This means that many are still in college or are just starting their careers. This is a time in life when many young adults take a serious interest in home ownership for the first time. As you can see, when you look at growing markets, the millennials have the potential to be a driving force in the housing market in the coming years.

The Maturity of Millennials

Millennials are not simply getting older; they are growing up as well. Many who are already homeowner or who have shown an interest recently in becoming homeowners are doing so because of a change in the size of their household. They may be getting married and preparing to have kids. They need a larger home and are ready to settle down into one area. Because the median age of millennials is so young still, the reality is that millennials will be maturing more significantly in the coming years.

The Ability to Move Up to Larger Homes in the Future

While the median age of millennials is only 23, the oldest millennials are now approximately 36 years old. Approximately 14 percent of home sales in the last year were from millennials. As individuals get older, they historically move out of starter homes into larger or nicer homes. This means that while some millennials are looking for first homes, others who are already in the market may contribute to the housing marketing by moving up.

Millennial housing is often viewed negatively because millennials have historically shied away from home ownership. However, as you can see, this is one of the hottest growing markets today with potential for significant growth in the coming years. With interest rates still low and the economy rebounding strongly, now is the ideal time for millennials to purchase first homes as well as to move up.

Eugene Schneur is a real estate mogel and the co-founder of Omni New York.