From “The End of Ownership: Why Aren’t Young People Buying More Houses?” by Derek Thompson
“When older generations wonder what’s the matter with Millennials, they often judge their younger cohorts against such financial and social benchmarks as finding a job, getting married, and buying a home. These observations often come wrapped in weak science — “blame Facebook for their indolence” — or dripping with judgment — “blame their parents for making them weak.” The science is weak, but the observations are true. Fewer young people are finding jobs. Fewer young people are getting married. Fewer young people are buying homes…The rate of young people getting their first mortgage between 2009 and 2011 was chopped in half from just 10 years ago, according to a recent study from the Federal Reserve.”
Questions for Consideration
How is (or isn’t) owning a home a declaration of independence? Why aren’t younger people buying more houses, and are there reasons other than economic insecurity? What effect will less house ownership have on the real estate industry and the economy? How is the American Dream changing for younger generations?
Want to learn more?
- Generation Rent: How Our American Dream Is Different from Our Parents’
- Most Americans Want a Walkable Neighborhood, Not a Big House
- Generation Rent – The Reasons and What It Means for the Real Estate Industry
- Generation Rent: Why Renting is Becoming Cool
- Value of Lifestyle
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