Over the previous few blog posts, the economic factors that are likely causing Generation Y’s lowered propensity to purchase homes was discussed. Declining incomes, higher costs of living, the unavailability of affordable homes and tighter mortgage qualifications all present significant obstacles to young adults’ ability to buy a home. Those were contrary to the majority of media reports which consistently attribute Millennials’ lack of home buying solely to preference, a gross over simplification of the current situation. Generational differences do have an effect, but it’s a much smaller effect than what has been common in public discourse.
The desire to own a house is another component of the declining trend in home purchase. Even if Millennials were in an identical situation financially as Generation X was a little over 10 years ago, and the housing and lending markets were on par, would they even want to purchase a home? Many Millennials might say homeownership doesn’t fit their culture and lifestyle.
Read more...Between Generations, Housing Preferences Have Evolved | Property Management Insider
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.