Millennials: Content to Rent?

U. S. Census Bureau statistics report only 36% of Americans under the age of 35 own a home, a drop from 42 percent in 2007, and the lowest level since 1982 when the Bureau began documenting the age of homebuyers, as has learned. While 90 percent of Millennials would prefer owning a home to renting one, student debt, access to financing and stiff competition due to low inventory make it difficult, according to CNNMoney. Even though home prices have fallen about 20 percent due to the downturn, the number of homes on the market has also dropped, and younger buyers, who have not reached their higher earning years, can not always compete with older buyers who have cash. However, Steve Deggendorf, a senior director for Fannie Mae, says, “Mortgage lending is getting a little less tight, with lenders approving buyers with a little lower credit score and who have less of a down payment.” ##

(Image credit:–homeownership can be elusive)

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