Millennial Homeownership

The oldest millennials have reached the prime age for buying their first home, yet many are staying put in their apartments. The assumption has been that renting was a lifestyle choice, that millennials prefer urban living and would avoid buying if that meant moving out to the suburbs. In reality, it isn’t millennials’ tastes so much as their finances that are holding them back. Student debt and lower earnings make it hard to save up, especially when starter housing stock is scarce and home prices are rising rapidly. Still, most young people do hope to become homeowners in the future.

Here are some of the facts and figures surrounding millennial homeownership.

Read the full story Will Millennials Follow in Parents' Home-Buying Footsteps? on Forbes. 

Sources:
The homeownership rate stats and housing prices come from the U.S. Census.
Pew Research Center
Demand Institute, cited in a Harvard Joint Center for Housing Studies report

National Association of Realtors

 

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