Pretium CEO Don Mullen predicts a 'crisis of affordable housing' due to a triple threat problem fueled by generational conflict.
"And as a result," he added, "the combination of the bulge of millennials coming through the system, people choosing to age in place, even more so because of COVID, and pulling forward of demand... on top of low construction for a decade, is forcing all prices up and will continue."
Don Mullen, CEO of America's largest firm owning single-family homes, warns the housing market faces a"triple threat" problem coupled with low supply, and could create a"crisis of affordable housing" on"Mornings with Maria" Wednesday, May 18, 2022 Mullen noted that he founded Pretium in 2012 when expectations were that millennials, as they aged, would want to form households in a "classic," single-family home. Instead, demographic changes took hold. "When you look at the numbers with millennials forming households and aging in place, the average age of a person moving out of their single-family home used to be 60, 20 years ago," the CEO said. "It's now 74.
He believes that the only solution to bringing down soaring housing costs is to lower the number of buyers.
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