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Student Loan Debt, Homeownership, And Millennials. It's Complicated.
Monday, October 5, 2015
Once the recession ended and unemployment, which had
especially impacted Millennials, returned to normal levels, that age group was
expected to increase the homeownership rate.
Instead, even as a larger chunk of that generation - roughly those born
between the early 1980s and early 2000s - enter the age when preceding generations
became homebuyers, the homeownership rate overall has continued the steady
decline that began in 2004 and the rate for those under age 35 has fallen from
44 percent to 35 percent.
Freddie Mac says that many theories have been advanced for
the slower-than-average entry of Millennials into homeownership. Some analysts argue that the reduced
employment opportunities at what should have been the start of their careers
delayed and perhaps permanently reduced their career development and wealth
building while others attribute it instead to the generation's different
attitudes towards marriage, family, and renting than their predecessors.
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