American millennials are expected to be a driving force behind the housing market in 2020, but there's a problem: There aren't enough starter homes for all of them

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Millennials are set to fuel the 2020 housing market, reported Mareesa Nicosia for Mansion Global, citing a new report by Realtor.com.

A forecast for low interest and mortgage rates, as well as a flattened home price growth rate, means it should be easier for millennials to qualify for a home next year, but there's a big problem: The US has a shortage of starter homes.

Many of the starter homes that are available are being bought up by real-estate investors with all-cash offers.

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Will the new decade see more millennial homeowners?

According to a new report from Mareesa Nicosia for Mansion Global, citing data from Realtor.com, the answer to that is yes: Millennials are expected to fuel the US housing market in 2020. The generation, who turned ages 23 to 38 in 2019, is finally reaching homeownership age or making the move to the suburbs, Nicosia said.See the rest of the story at Business InsiderNOW WATCH: Traditional Japanese swords can take over 18 months to create here's what makes them so specialSee Also:Millennials are taking multiple 'micro-cations' instead of long trips, and it says a lot about their work-life balance prioritiesBillionaire hedge-fund manager Steve Cohen is buying the New York Mets. Take a look inside the NYC condo that he recently sold for 30 million.Millennials only hold 3 of total US wealth, and that's a shockingly small sliver of what baby boomers had at their ageSEE ALSO: Here's how much a typical starter home costs in every state

DON'T MISS: Millennials are making 3 key decisions that are wiping out the starter home and it's changing what homeownership in America looks like

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