Different Reasons in Different Regions Are Keeping Millennials Out of the Housing Market

May 29, 2015
Millennials aren’t quite hitting the market like their parents did at their age, but there are a number of reasons why they aren’t jumping on the homeownership wagon.
According to a survey by Carrington Mortgage Services in Santa Ana, California, Millennials in the 12 western-most states aren’t entering the housing market because they’re concerned about saving up enough money to afford a down payment. In the Northeast, credit card debt is a major worry. Millennials in the south aren’t quite sure how to start the house-buying process and are also concerned about low credit scores. In the Midwest, student loan debt coupled with credit card debt is what’s preventing them from purchasing a home.