Friday Facts – Despite Money Issues, Millennials Still Want to Buy Real Estate

FRIDAY FACTS
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.
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