May 27, 2016
DESPITE MONEY ISSUES, MILLENNIALS WANT TO BUY
Snippets from an article in REALTOR Magazine by Erica Christoffer
- Millennials have a lower net worth than their parents did at their age, and a lack of money coupled with student loan debt continues to be a roadblock to home ownership.
- Households headed by an individual under the age of 35 had a net worth of $10,460 in 2013 compared with $15,260 in 1983.
- First time buyers represent 32% of buyers today compared with the historic annual average of 40%.
- Currently, 39% of millennials live with their parents.
- The major hurdles to home ownership are flat wages, rising rents and student loan debt.
- 94% of millennial renters say they want to buy.