The leading edge of the millennial generation is turning 40 this year (and the oldest baby boomers are 75). The millennial story has not been good. Over the decades, they’ve experienced the Great Recession, massive student loan debt, stagnant wages, rising costs of living, and the Covid-19 pandemic.
Entering the early part of middle age, millennials have outgrown their stereotype of being forever young, unmarried, and financially irresponsible. A recent Harris Poll found 59% of those between the ages of 33 and 40 have found a way to become homeowners. Homeownership is a rite of passage into adulthood for Americans and we can expect the next wave of millennials to continue house hunting this year.
Income Versus Home Prices
As more millennials approach 40, many are struggling to begin saving for retirement and those who have started saving are now borrowing those funds to make down payments on a home. Many are still working to pay off student debt. Although often characterized as pampered by their parents, millennials have not had an easy go of it financially and house hunting this spring promises to be one of the toughest markets ever.