With rents skyrocketing and home prices on the rise, the dream of homeownership continues to elude many Millennials. It isn’t that they don’t want to buy a home, its just that saving up enough money for one, especially as income fails to keep up with the rise in rent, is increasingly difficult.
Not only is this bad for Millennials who want to buy a home, but it’s bad news for the housing market, as well. It is estimated that if the obstacles preventing Millennials from owning homes could be eliminated, the value of the housing market would increase by at least one trillion dollars over the next five years, reports Newgeography.com. That’s right,trillion. Those are Dr. Evil type numbers.
But what exactly are the hurdles facing Millennial homebuyers and how do we go about eliminating them? That’s the trillion-dollar question. For starters, affordability is paramount. The top 10 markets in August 2015 where Millennials dominated the home buying market were also ones that had very affordable housing prices, and Pittsburgh, the cheapest big city in the country, was the only large metro area to make the list.
Additionally, Millennials want to live somewhere where it will be easy to share their experiences with family and friends. Millennials place great importance on work-life balance and want a home somewhere where these two things will be able to exist harmoniously.
For a more in depth look at how Millennials can reenter the housing market, click the link below.