The housing market in Missouri should heat up soon, given that more than two-thirds of Millennials — defined as people between the ages of 18 and 34 — are planning to buy a home within the next five years. BMO Harris conducted a study showing that 74 percent of Millennials throughout the nation plan to buy a home in the next five years. That rate is at 68 percent in Missouri and 71 percent in Kansas. The statistics dropped off significantly with age.
While the numbers look good for younger home buyers, they face some serious challenges that could delay their entry into home ownership. Michael Gregory, head of U.S. economics for BMO Capital Markets, said student debt often creates a huge hurdle for people in their 20s and 30s.