In terms of the housing market, millennials cannot seem to catch a break. They graduated when the job market was at its worst. Many of these individuals were also so saddled with a great deal of college debt, that they were stuck on their parents couch. This situation left so many young educated professionals unable to achieve the American dream because they could not qualify or afford to buy a home.
Even with this bad news, there is a light at the end of the tunnel. As the economy improves, Millennials may finally begin to pursue homeownership. Low interest rates and First Time Home Buyer programs are providing some assistance to helping those who want to enter home ownership, do so.
The Baby Boomers around the U.S. are also embracing the idea of aging in place, opting to remain in their homes. This further reduces not only resale inventory, but also the likelihood of remodeling jobs from recent purchasers.
The demand for low-cost housing within reach of first time home buyers is only going to increase in the coming years. Most young people consider that a large part of success is owning a home, and plan on owning sometime in their future.
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