Increasing student debt and other barriers have contributed to a new 30-year low in the last 3 years of first-time homebuyers (FTHBs).
With the economic state being what it is in that time, growing and strengthen as a whole, millennials have decided to spend their dollars on experiences and travels versus homes. The chase of the home is still the American dream, but the dream is delayed for many of the FTHBs.
- economic conditions and looming forecasts of a recession
- rising interest rates and housing prices
- increasing student debts, auto debts
- greater acceptance of financing to have cash now
- while millennials are high earners now, they are not high savers