A previous post, “For Millennials, Low Ownership Rates Weigh on Household Formation,” showed a lack of participation in the housing market among young adults in the Millennial generation. As a percentage of the population, Generation Y isn’t renting more than young adults in the previous generation. Instead, they are buying fewer homes. The reason for the drop-off in home buying rates is due to a mix of factors. This post explores some of the economic reasons.
The recent proposal of regulatory changes aimed at unlocking tight credit has led some to wonder if the result will unleash a flood of Millennial homebuyers. However, there are some significant economic headwinds that will likely persist in preventing those of Gen Y from purchasing a home.
In this post-recession world, qualifying for a home loan is more difficult.
Read more...Millennials Face Unprecedented Economic Hurdles to Home Ownership | Property Management Insider
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