This is a consequence of the student loan scam.
Yup, that combined with the Depression-level job situation.
Their “first house” debt load was spent on college instead, and they aren’t making enough money to even pay that off, on average.
And I suppose it should also be noted that housing prices are still insane - not quite bubble insane, but still about three times the historical norm.
Their parents and grandparents sawed off the bottom rungs on the ladder and saddled them with tons of deadweight. They ain’t climbing anywhere.
I also think it is attributable to dismal situation for full-time jobs over the past 7 years, and a very low confidence in keeping a job for any length of time.
Not to mention the Obama economy.
I’m happy, I sold my home here in Los Angeles two months ago. Still own the one I live in.
I owned it for just a few years and made a terrific return on it. Property in LA is at a record high. Available homes are in short supply. Rentals are at a record high and building is going on non-stop.
I don’t think millennials can afford to buy a home. Little two bedroom cottages here at a million and over in most areas. You need to leave the city to see those prices lower
The article is correct that there are a lot of factors at play. Hubby and I are middle-aged and going through hell to get our retirement house.
My daughter and her husband are under contract right now, but it’s been tough. Just *finding* the right house is a nightmare. The same stale listings just sit there for months. When a new property comes on the market, it’s like chucking a mouse into the hen house. Total pandemonium.
Both of us have been looking for almost a freaking year. Hubs and I gave up and are having ours built. Daughter stumbled onto the right house, at the right place, for the right price, but the mortgage hoops are bigger than anything hubs and I had to go through the last time we bought ten years ago.
I’m so freaking tired of the fight.
We’ve got tons of properties that are overpriced and just sitting there. Nobody reduces. I’m talking more than a year.
One mortgage broker that I spoke to said that it’s the banks. It’s better for them to keep a foreclosed house on the books because it looks like they’ve got an asset. So the banks have thousands of overpriced houses listed that keep the local market artificially inflated so that they look solvent.
The fact that their ‘asset’ has a rotting roof and a crumbling foundation is never brought up.
(We actually tried to buy a foreclosure, but the mortgage company said that they wouldn’t put a dime toward that house)
The real estate market is a complete mess right now.
This is a consequence of the student loan scam
Fact is when the government gave all these loans and guaranteed them to these liberal it was the plan of indoctrination.