The economy is improving, the job rate is up, wages are increasing, and Millennials have reached the time in their lives when they are ready to buy homes. Something is holding them back, though.
The Washington Post reports that entry-level homes are difficult to find and even tougher to buy. Several young homeowners from around the country told their stories and shared their frustrations with such a fast and competitive market.
The lack of inventory is putting younger adults at a disadvantage. First-time buyers, who usually consist of 40 percent of the market, are currently at 34 percent.
That could become damaging to this generation’s future prosperity. Housing experts say homeownership remains one of the primary ways for the middle class to build wealth, despite the ups and downs of the past decade. And with mortgage rates beginning to creep up, millennials who have to wait to buy could miss out on historically low rates.