Millennials get a ton of flak for all of the pitfalls of society. While many of the gripes are baseless, people age 35 and younger are the main cause of the declining homeownership rate in the U.S.
CNBC analyzed a new report from John Burns Real Estate Consulting. While the homeownership rate for all age groups has seen a decline since the 70 percent peak in 2004, people age 35 and younger had the sharpest decline at 21.2 percent. The overall ownership rate dropped 9.1 percent in the same time frame.
Burns predicts the homeownership rate will continue to fall through 2025. Which means that millennials will be renting for a lot longer than their parents' generation did. … Though the home sales are still rising, they're still far from the early 2000s boom. Looking ahead, Burns doesn't see homeownership rates moving back to those pre-bust levels. Based on his estimates, the overall homeownership rate will fall to just 60.8 percent by 2025, the lowest since the mid-1950s.
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