While there are visible signs that the economy is improving, unemployment is at 5% and 12 million jobs have been created, those between the ages of 18-34 (millennials) still endure the most economic hardship. Bloomberg View staffer Barry Ritholtz takes a look at the cause of this economic hardship which isn't due to to student debt as many believe, but rather lack of affordable housing.

This lack of affordable housing has forced millennials to live with their parents or other less desirable living arrangements:

After the housing boom and bust, an enormous swath of homeowners found themselves with little or no equity. These are folks who can't easily sell in order to move up to bigger and more expensive houses. That means a lack of starter homes available for young adults. Jonathan Miller, head of real estate research firm of Miller Samuel Inc., has described this as the precovery.

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