Here's why millions of millennials are not homeowners.
as likely to have never married as members of the silent generation — those in their 70s and 80s — when they were young.
To be sure, even without saying, "I do," many young people still want to become homeowners. Unmarried couples accounted for 16 percent of first-time homebuyers in 2017, the highest share on record, according to the National Association of Realtors. Single men and women accounted for a quarter of first-time homebuyers. Today, just 57 percent of first-time homebuyers are married, compared with 75 percent in 1985.
Millennials are also a far more diverse generation than previous ones, and homeownership rates are lower among Hispanic, black and Asian-Americans compared with white Americans. While almost 39 percent of white millennials, aged 18 to 34, own a house, just 14.5 percent of those black Americans do, according to the Urban Institute.The unprecedented student debt millennials take on also reduces their chances of landing in a home of their own.
Millennials are also renting for longer in locations that tend to be pricey, making it harder for them to save up for an eventual down payment. Nearly half of households headed by people 18 to 34 are rent-burdened, meaning that more than 30 percent of their paycheck goes to their landlord.
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