Because homeownership is the chief builder of middle-class wealth, the trend is 'bad news for the economy overall.'
will come on the market in the coming years. But millennials and younger generations might not be able to afford them.
“At some point, boomers will want/need to sell their houses, and it’s not clear that millennials will be able to pay what boomers think their homes are worth,” Schuetz said. On the other hand, some of those boomers will leave their estates to their children. “Millennials whose parents are sitting on lots of housing wealth will have an easier time paying for college or coming up with a down payment — even if they don’t inherit for a while, they have a family safety net,” Schuetz said. So it’s likely that millennials will rapidly bridge some of the housing gap visible in the chart above.
Schuetz says the reason for that drop isn’t immediately clear. It could be, for instance, that real estate owned by older generations is appreciating more rapidly in value than that owned by millennials. Regardless, the downward trend suggests that the pressures facing would-be millennial home buyers aren’t easing anytime soon.
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