Millennials Maintain Homeownership GoalsBy Robert Dietz
A recent survey of younger Americans illustrates that the goal of homeownership remains an important part of the American Dream.
The economic future of Millennials is key to the future of housing demand. A record number of individuals aged 18 to 34 years are delaying household formation as a consequence of the Great Recession. We referred to this situation as the ‘Great Delay,’ as slow wage growth and rising student loan burdens have reduced attainment of traditional goals associated with the American Dream, including marriage and homeownership. An important research question is whether these delays represent deferrals due to economic conditions or true changes in preferences and goals. A recent survey from the Demand Institute provides new evidence. The study surveyed 1,000 18 to 29 year olds about current conditions and market preferences. The findings indicate that homeownership remains an important long-term goal. Among the findings for Millennials:
|
Today's Top Stories |