Millennials & Home Ownership

A recent article in Realty Biz News tries to explain why millennials have been slow to embrace home ownership. The four main reasons are:

  • High student debt – many millennials have student debt that far exceeds credit card debt and auto loans. They simply can’t afford to take on mortgage payments
  • Getting married later – home ownership is often associated with having a family and this is being postponed by many millennials who are often living independently or, more likely, with their parents
  • 20 percent down payment – simply out-of-reach for many
  • Living in cities – millennials feel a strong pull to the cities where rent and expenses are high, making saving for a home very difficult

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