Millennials in Housing Markets
A recent article posted by CNBC talks about how the housing market is moving forward and how a generation of people are left behind. Yet again, having to rent.
"Homeownership rates have fallen across all age groups since the housing collapse in 2009, but the biggest drop has been among the millennial generation."
With mortgages harder to get and the remnants of the housing bubble still implanted into the minds of some, the home ownership rate among 25-34 year olds has fallen to just 39%.
An analysis from John Burns RE Consulting, estimates that by 2025, the homeownership will fall to just 60% (lowest since the 50s).
"That forecast assumes roughly 15.9 million people born after 1960 will become homeowners and some 10.6 million older homeowners from earlier generations will pass away or no longer own their homes. That works out to a net gain of 5.2 million more homeowners by the middle of the next decade.
Where do you think the housing market is headed in the next 10-20 years based off of housing data, your thoughts, etc?
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