After witnessing how the housing market collapse affected their parents' and grandparents', it's no wonder millennials have been cautious when it comes to entering the housing market. Although still genuinely interested in homeownership, the biggest barrier to millennial entry into the home buying market is debt.
We can attribute delayed millennial entrance into the housing market primarily as an outcome of financial circumstance... but this isn't a bad thing for everyone. Ultimately, it could potentially drive down prices and mortgage rates not only for cautious millennials, but for everyone.
According to a recent Zillow survey, respondents ages 18 to 34 believe more strongly than previous generations that owning a home is necessary to being a respected member os society, living a good life and obtaining the American dream.
Although they've faced a tough market thus far, experts say that millennials will soon impact the homeownership landscape. With home prices on the rebound, an improved job market, and a softening in tight lending requirements that impacted home buyers in the recent years... things are looking up for the latest generation of first-time homebuyers.
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Photo: JEFF SCHEID