A recent study from Redfin reveals that 28% of home buyers are worried that home prices are rising too high but among millennials, 32.5% consider affordability to be a major issue. Forbes contributor Troy McMullen reports on the the growing pessimism about affordability especially among this younger generation.
Concerns about affordability far outweigh other concerns, with the second biggest concern "too much competition from other buyers" coming in at only 13% in the study. This fear of affordability, specifically among millennials, could potentially have a long-term effect:
Despite lower mortgage rates and increased employment, millennials aren’t touring open houses or scouring online listings in search of their new homes, research suggests. Their tendency to live at home with parents and delay getting married has raised concerns about long-term home ownership trends.