Home Depot, America’s largest home-improvement store, is counting on millennials to extend the US housing recovery.
The US homeownership rate for people under 35 still trails other age groups for reasons including delayed marriage and record student debt. According to the Census Bureau, 35.3% of people in this age bracket owned homes in the second quarter, up from 34.1% a year ago.
Home Depot noticed this uptick in the increase of first-time homebuyers that visited its stores for supplies. Carol Tome, Home Depot’s chief financial officer, said the company served 424,000 first-time homebuyers in the second quarter, the highest since 2005 and an 11% increase from a year ago. This group made up 38% of all buyers, Tome told analysts during the quarterly earnings call on Tuesday.
“So that is good news. Why? Because first-time homebuyers tend to buy homes that need repair and remodel … we anticipated this happening with millennials coming into…