Housing Costs Take the Most Blame for Millennial Homeownership Gap

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Posted To: MND NewsWire

A current post in Freddie Mac’s Insight blog looks again at the decline in homeownership among young adults and tries to determine the role played by rising housing costs. The post is based on recent research by the company’s Economic and Housing Research Group headed by Chief Economist Sam Khater. Adults in the age group usually categorized as Millennials (25 to 34) have deferred homebuying as higher prices push it further into the future. The weakening affordability is particularly hard on first-time homebuyers because prices increase the fastest among the lower-priced homes they would typically buy. At the same time, these young adults, who comprise a large share of first-time buyers, are excluded from the benefits of rapidly rising home values. “Unable to buy, many young adults have continued…(read more)

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