“The notion that Millennials are the renter generation is nonsense,” says Windermere Real Estate economist Matthew Gardner in his column for the Portland Business Journal about his economic update and housing forecast, presented at Windermere’s annual Symposium. He goes on to explain that, if millennials could, they would indeed be buying homes – in a National Association of Realtors survey, 75% of millennials said that “buying a home would be the most astute financial decision they’d ever make.”
However, 80% of those surveyed believed that they would not qualify for a mortgage. Gardner attributes this hesitation among younger potential home buyers to the financial pressures they face, including crushing student loans, difficulty in starting careers, and a lack of down payment financing.
I do believe that Millennials will eventually buy, but they’re delaying their purchasing decisions by about three years when compared to previous generations, which is about the same amount of time they’re waiting to start families as well.