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Report: Only 36% of Millennials Own a Home
By Joe Gullo
The Millennial generation is great at a lot of things, selfies, texting, and social media. What's missing from that list? Buying a home.
The Millennial generation is being squeezed out when it comes to buying a home.
According to the Census Bureau, just 36 percent of Americans under the age of 35 own a home. That's the lowest level since 1982, but it's not for lack of want.
A Fannie Mae survey shows 90 percent of Millennials prefer owning over renting.
A variety of factors are keeping them from making that leap, including student loan debt, tight lending standards, and stiff competition against other buyers.
It's tough for many young people to come up with a 20 percent down payment, especially since they haven't hit their highest-earning years yet.
Home prices in general have been going up.
The good news is, according to Fannie Mae, mortgage standards are loosening at least a little.
Lenders are also starting to approve buyers with slightly lower credit scores and less of a down payment. That should open up some opportunities, for Millennial buyers.