We’ve come a long way since the 1950s – 20-somethings just aren’t getting hitched, moving to the burbs and popping out three kids like they used to. And good thing, because they couldn’t afford it.
New research from Freddie Mac reveals homeownership rates among young adults 24 to 35 has dropped and isn’t likely to pick up any time soon.
Since peaking in 2004, homeownership rates among this demographic have slipped 8%, and data shows that higher rents and home prices are mostly to blame. Approximately 700,000 young adults did not purchase a home between 2000 and 2016, citing affordability as the primary reason.
“Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in…