Why millenials are hurting the real estate recovery

First time home buyers haven’t been helping the housing recovery as planned. They haven’t helped not because they don’t want to be homeowners, but because they have more obstacles standing in their way.

                It is a tough road for this generation (ages 18-39), but it is something they all aspire to do. It is in most of their plans, but renting has become somewhat of an undesirable situation, and they want to own for the next time they move. What is getting in the way for this generation is the economy. There are repercussions that are far too dangerous to go ahead and buy a house if it is not done right.

                What this generation is facing is a lack of savings, poor credit scores, and horrible student loan debt is what is hindering young people from buying a home.  Young people now a day are waiting longer to get married and start a family, which are life events that lead them to purchase a home.

                For now, this absence of young adults from the housing market continues to dent the homeownership rate. The age group 25-35 is having the hardest time recovering from the “great recession”. This generation is mostly renting. While experts believe it will get worse before it gets better, one thing is for sure: Young people have plenty of hurdles to becoming homeowners.

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