1. Demographics as minorities become a larger and larger portion of the economy. The wealth gap between whites/asians and blacks/Hispanics is growing while the number of blacks and Hispanics is growing faster than non-Hispanic whites.
2. College students have amassed over $1 trillion of student debt. Repayment impacts the availability of money for discretionary items like houses.
3. Marriage and family formation are declining, especially among blacks and Hispanics, the segment of the population that is growing. There is less demand for family housing.
