It’s been frequently reported of late that millennials, those born roughly between ’78 and ’95, are not buying homes at the same rate as previous generations. And there has been much debate offered as to the reasons for that.
A new study by Bank of America finds that, counter to the popular wisdom behind this trend, it is not because they are prioritizing other goals and life milestones. They simply cannot afford it.
Though they still prioritize owning a home over things like children and marriage, the combination of crippling student loan debt and the high cost of real estate is keeping most millennials out of the housing market until much later in life. Two things that could have a relatively large impact on this trend are policies that lower student loan obligations or increase wages for those early in their career.
To read more about this study, check out this article.