Birmingham Millennial homeownership has increased 47% in the last five years, according to a study compiled by renters’ website RentCafe from Census data.

One local housing expert says home prices could spike upwards as younger generations flood the market.

The number of Gen Z homeowners and renters has seen an increase of over 400% in that same time period as some members of this generation (born between 1997-2012) become old enough to live on their own but this drastic increase still represents a far smaller group than Millennials.

This increase in demand amongst younger generations could lead to fewer home options and a subsequent increase in home prices according to Bennie Waller, a William Cary Hulsey faculty fellow in the department of economics, finance, and legal studies at The University of Alabama.

“It all boils down to a supply/demand issue,” said Waller. “It depends on how many Millennials are looking to get into the market and how many others are looking to get out of the market.”