A few weeks ago, we noted the uplifting news that millennials are still very much interested in homeownership. Since then, we've run across a plethora of articles focused on millennials and housing. (Though when you search for a certain subject, you are sure to find it.)

Many of these articles position millennials as saviors. Without millennials, there is little upside left in housing, so the reasoning goes. We don't see it that way. Though we'd love to see more millennials enter the housing market as owners, they are still only a subset of the overall ownership market. What's more, their support is mostly concentrated in lower-priced homes.

More important than millennials, baby boomers, gen-x, or any particular demographic is the overall health of the economy. On that front, the data we've seen on the overall economy is encouraging. The latest gross domestic product (GDP) data show growth at a robust 4.6% annualized rate. This is good news for everyone, and should serve as tight backstop to housing, which is why we see no backsliding.

To be sure, we welcome millennials, but we don't need to be rescued by them. Rising economic growth will lift all demographic groups.

Information provided by Jessica Regan.

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