Why Millions of Millennials Aren’t Buying Houses
Homeownership eludes millions of millennials.
A new report by the Urban Institute, a policy research group, tries to explain why.
There are a whole host of reasons, including personal preferences and economic disadvantages, that explain why the homeownership rate for the largest generation in U.S. history is lower than that of their parents and grandparents.
“In my generation, I’m a baby boomer, you bought a home as quickly as you could,” said Laurie Goodman at the Urban Institute. “You didn’t take a vacation for years to save for the down payment on your first home.”
Millennials, on the other hand, she said, are in no rush to get their hands on house keys.
Delayed marriage has one of the biggest impacts on their low homeownership rate. Marriage increases one’s likelihood of owning a home by 18 percentage points, the researchers found.
Millennials are wedding later — and less…Read More