MILLENNIALS JUST AREN’T THAT INTO BUYING HOMES. BUT WHY?
Millennials seem to prefer renting than buying homes. In 1980, 52% of people aged 25-34 owned homes but by 2010 the figure had dropped to 42%.
College-educated Millennials earned a salary of $27,000 in their first jobs, compared to the $30,000 figure from 2007.
Millennials are generally looking to live closer to the city, minimize their transportation costs, and find good jobs before making the move to home-ownership.
WHY WE SHOULD CARE
The recovery of the housing market is vital to re-invigorating our economy.
OUR TIME OPINION
We need to help the market adjust to meet the needs of our generation, or we could end up seeing more and more of America’s youth “living in the basement.”