Because homeownership is the chief builder of middle-class wealth, the trend is 'bad news for the economy overall.'
will come on the market in the coming years. But millennials and younger generations might not be able to afford them.
“At some point, boomers will want/need to sell their houses, and it’s not clear that millennials will be able to pay what boomers think their homes are worth,” Schuetz said. On the other hand, some of those boomers will leave their estates to their children. “Millennials whose parents are sitting on lots of housing wealth will have an easier time paying for college or coming up with a down payment — even if they don’t inherit for a while, they have a family safety net,” Schuetz said. So it’s likely that millennials will rapidly bridge some of the housing gap visible in the chart above.
Schuetz says the reason for that drop isn’t immediately clear. It could be, for instance, that real estate owned by older generations is appreciating more rapidly in value than that owned by millennials. Regardless, the downward trend suggests that the pressures facing would-be millennial home buyers aren’t easing anytime soon.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Spray That Stretched My Too Small Stilettos Half a SizeIt’ll make breaking in new shoes that much easier
Read more »
'Starting to See Change': USC Annenberg Study Finds Small Shift Toward a More Inclusive Music IndustryNow, the Annenberg Initiative's third annual study, funded by Spotify, reveals that those efforts and others are beginning to move the needle.
Read more »
Why small businesses are banking on better benefitsThere are more small businesses and startups than ever before, yet they have traditionally been at a disadvantage when it comes to the benefits they can offer employees. That's changing.
Read more »
How small businesses can prepare for climate change-driven disasters - Business InsiderNew from MarcusLimYJ: Climate change is already starting to affect small businesses in flood zones. Here's what the experts say about preparing your business for natural disasters.
Read more »
Bernie Sanders shaped this small city, and it gave him a moonshot to the national stageBurlington has shaped Bernie Sanders just as much as Sanders has shaped Burlington — so much so that it’s hard to consider one without the other. No other presidential contender has such a long, symbiotic relationship with the city where they live.
Read more »
Small Businesses That Fail In The First Year Always Have These 3 Things In CommonThe founder wasn't ready to assume risk or step into a major leadership position.
Read more »