The millennial story has had lots of twists and turns and overall has not been a good ride. Over the years they have experienced the Great Recession, massive student loan debt, poor wages, high cost of living and now the COVID-19 pandemic. However, even with all these challenges a recent poll shows 59 percent of ones between the ages of 33 and 40 have found a way to home ownership.
As our millennials are turning 40 many of them are finding it difficult to save for a retirement, and some of those that have are finding themselves taking from their savings in order to put a down payment down for a house. Currently, on top of these already hard situations, the current housing inventory is about half of what it was last year at this time. Fewer homes mean higher home prices which makes it very difficult for many especially during a pandemic. However, one light at the end of the tunnel are the record low interests rates we are seeing. With such a low inventory of homes, this spring is looking to be a very competitive market to buy a home. With all this said spring 2021 does not look great for our millennials as it relates to purchasing a home. Experts are seeing that almost 30 percent of millennials are still renting and about 12 percent still live with their parents.
The good news is the market will make a turn at some point, it’s just unpredictable with the current pandemic.