You have, perhaps, heard that we are in a new reality often enough now that you’ve turned off the sound, but Realtors, in particular, as well as others whose income is impacted by home buyers are going to want to crank it back up for a minute or two.
The generation born from the mid-1980s to the mid-2000s, also called Millenials or Generation Y, aren’t buying homes like their predecessors because of debt to finance higher education for those with college degrees and relatively lower pay for those with less education.
Further, according to a report from CoreLogic, a national real estate data firm, Millenials are putting off marriage longer than earlier generations. Because marriage is a big motivator in the decision to buy a home, the tilt increased even more for them to reach home-buying status.
Consider, according to CoreLogic:
The upshot, said CoreLogic, is that the economic statistics that define Millenials have also slowed the generation’s household formation rate.