The nation's homeownership rate may be falling, but the dream of homeownership isn't exactly dead. It is just being postponed, especially among the younger millennial generation. A far stricter credit environment is keeping them outside of homeownership for now, and as investors move out of the market, that is actually stalling the housing recovery.
"Readings on housing activity—a sector that has been recovering since 2011—have remained disappointing so far this year and will bear watching," remarked Federal Reserve Chairman Janet Yellen in testimony Wednesday.
In addition to credit, millennials' attitudes toward renting are far different than their parents', and they have very vivid memories of the housing crash. In just the past year, their views toward homeownership have changed dramatically.
Read more...Why millenials rent: Concerns about credit and down payments
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.