While it seems every other faux-concerned voice is proclaiming the deficiencies of millennials and making unoriginal quips about avocado toast, one of the biggest supposed sins of millennials is that they will “never be able to afford a house.” But are millennials really destined to be a generation of renters?
Though it depends on who you source, millenials were born roughly between 1981 and 1996 and are currently 21-37 years old. If only the very oldest millennials are even of an age to be considering homebuying, why is everyone so sure millenials will ever own houses?
It’s true that millennials have many obstacles to face.
Many millennials were finishing college right as the economy collapsed in 2008 and and a large percentage of the younger millennials are also dealing with student debt from skyrocketing tuition costs. Others struggle to find a full-time well paying job as jobs are either outsourced or deemed “contract labor” as corporations cut costs by avoiding hiring employees. This combined with their debt greatly affects credit score and thus ability to take on a mortgage.
Interestingly, few of the naysayers keep in mind that millennials tend to delay what were once clear “life makers” anyways. According to a Pew Research Poll, millennials are now on average waiting until 27 for women and 29 for men to get married. This may be due to staying in school or further education until later or disillusion with the divorce rates they grew up with.
It’s very possible that the trend of delaying traditional life markers will also apply to becoming homebuyers. If only the very oldest millnnials are even in their thirties, why is everyone so sure they will never afford a home?
Millennials are buying more homes than you think
According to Business Insider, millennials are the primary reason homebuying rates increased last year despite all the changes that millennial homebuyers face. In fact, 33 of the top 50 markets saw the share of millennial homebuyers increase. This doubted generation is also spearheading homebuying in some unlikely markets:
- Birmingham, AL
- Virginia Beach, VA
- Pittsburgh, PA
- Buffalo, NY
- Minneapolis, MN
Though no one can predict the future, homebuying or otherwise, millennials may not be as doomed as people want to think.
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