Incoming wave of millennial homebuyers is a major opportunity for US housing market, says Taylor Morrison CEO

Taylor Morrison Home CEO Sheryl Palmer sees a major opportunity for the U.S. housing market over the next decade as more millennials hit prime homebuying age. Nearly 45 million Americans will reach the general age of first-time homebuyers in the next 10 years, 3.1 million more than in the 10 years prior, according to a recent analysis by Zillow. The homeownership rate among millennials is about 8% lower than previous generations at their age.