Tuesday, March 17, 2015

Millennials Slow To Embrace Homeownership

The “American Dream” of home ownership is not a dream that “Millennials” are embracing as readily as their “Boomer” parents did.

This group was maturing smack dab in the middle of the “mortgage meltdown”.  They witnessed and very possibly lived through family trauma and, as a result, may not view a home as the cornerstone of family investment nor as a relatively liquid asset.

Many experienced dramatic financial hardship in their immediate family, as their parents accepted transfers by their employers, were unable to sell their homes, temporarily rented in the new community, drained their cash assets while attempting to keep up both payments and eventually lost their former home, while finding themselves unable to purchase another home, due to credit destruction.  Many suffered this  catastrophic financial setback which then initiated a reduced standard of living.

Remember, for every one of the tens of thousands of foreclosures, there was a family eliminated from the housing market and, very possibly, a Millennial who shared their family’s “American Nightmare”.


It is no wonder Millennials became gun shy about home ownership and do not appear to aspire to the prospect as enthusiastically as did their forbearers.

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