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NEW YORK (MainStreet) -- Even though Millennials are still feeling the impacts of the 2008 recession, their role in the future of the housing market could prove to be indispensable.

According to a report from The Demand Institute, Millennials will spend a staggering $1.6 trillion on home purchases and shell out $600 billion on rentals over the next five years.

Plus, the report says there will be 8.3 million new Millennial households created over the next four years, and the majority will buy homes.

Gamm is the founder of the personal finance website

. He has appeared on NBC's Today, MSNBC and CNN. Follow Scott on