Millennial’s  Purchasing Smaller, and Less Expensive Homes

 

New research from economists at the National Association of Homebuilders (NAHB) show Millenniums tend to purchase homes that are smaller, less expensive and older than purchased by previous generations.

Less than 9% of millenniums purchased new homes compared to 12% among older generation buyers. Millennial’s also showed an increased preference for multi-family condominiums.

The purchasing power of millenniums comes from current income rather than accumulated wealth that older generations have made use of, and the millennial’s use of unconventional zero down mortgages is on the increase.

I see this as no surprise as the rise in college debt across the recent generations has dramatically decreased their purchasing power and ability to pay.

See my article regarding college loan debt crushing graduates  http://wp.me/p3Cbvn-nm

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