The Millennial generation is slow on the home purchase process, but that doesn't mean that they aren't coming. There are 87 million Millennials who have the potential to purchase homes--91% say that they plan to own a home some day.
The sheer volume of these numbers should have home builders scrambling to create starts. However, it will still be a long road. Many Millennials do not have the savings in place for a down payment and they are still straddled with student loans, along with the challenge of high home prices.
As a result of this unexpected lag, the home ownership rate in the United States has collapsed to record-tying low of just 62.9%.Read More