Fueled by shrinking debt, expanding wealth, growing families and low interest rates, millennials area driving the housing market and will probably drive up home prices for years to come, contends an article in Barron’s.

Millennials make up 36% of the workforce, and in the last year and a half have seen their student-loan debts cut by $583 million thanks to the Public Service Loan Forgiveness program. They also received $380 million in federal stimulus, and discovered investing (51% of new pandemic-era investors are millennials). In short, millennials have wealth, and many are investing that wealth into homes, the article maintains.

As millennials get older, they’re marrying and having children, and that requires space. Low interest rates along with mortgage rates at historic lows are driving incentives for millennial homebuyers, who accounted for the largest share of homebuyers (37%) in the past year.

The normalization of remote work, rising incomes, and a strong economy continue to drive this trend, the article continues, especially as millennials approach their peak earning years (ages 45-54). While some millennials still face home-buying challenges such as continued elevated student loan debt—especially amongst millennials of color—and skyrocketing home prices in popular places to live such as Austin, Texas and California, the demand for homes from millennials will likely persist for years to come.