It’s no secret that millennials have a particularly challenging relationship with the housing market. And in that sense, not being able to afford one, they don’t really even have one. When baby boomers and Gen X hit their 30s, rapid construction and suburbanization were proliferating relatively affordable housing options. For them, part of the American Dream was buying a house.
Today, it’s estimated that millennials have 35% less wealth than previous generations and a whopping 70% say they can’t simply afford a house. Our prospect is frustrating, to say the least–always renting is the only option.
So in this uncertain economy, only very few millennials were able to afford a house. Often, thanks to very exceptional circumstances like heritage, stocks from college, and so on. Read this brutally honest thread where young people share what it took them to become rare millennial homeowners.