A Generation to Miss Homeownership? – as part of the news series by GeoBeats.
Analysts are predicting that the housing market may not change in the near future, creating an entire generation of people who don’t own homes, but rent apartments instead. A study done by the John Burns Real Estate Consulting firm says that since 2009, the number of home buyers investing in their first piece of property has dropped significantly by about 20 percent. But according to a TD Bank poll, almost 80 percent of Americans age 18 to 34 do want to buy a house and hope to own their own property in the future.
There are several factors that contribute to the housing situation including the incredible amount of student loan debt, the lack of jobs in the current economy, and the price of homes compared to the average wages being earned by Americans today. According to the Washington Times “1 in 4 millennials lives with his parents, unable to find remunerative employment, finance his debts or live in his own home.” Meanwhile, there are plans for over one million new apartments to be constructed by 2015.