Finding an affordable home that you love is tough for any home buyer, but new numbers show that it may be toughest right now for millennials.
It’s part of the American Dream — to get your first job, save up and be able to afford your first home. But millennials are delaying this milestone in life because they just can’t afford it.
According to new numbers from the US Census Bureau, only 36-percent of Americans under the age of 35 own a home. That’s down from 42% in 2007 and marks the lowest level since 1982.
The barriers squeezing them out of the market? High student loan debt, tight lending standards, poor credit, and increasingly stiff competition for homes.
Meanwhile, desire to own a home is there. A survey from Fannie Mae says 90% of millennials say they’d rather own a home than rent.
One silver lining here – Experts CNN spoke to say mortgage lending is loosening a little bit, meaning lenders are approving a greater number of buyers with lower credit scores and smaller down payments, which is good news for millennials — and everyone else out there too looking for a home.
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