Homeownership Decision Making Compared Between Two Generations

Homeownership Decision Making Compared Between Two Generations

via Flickr by Mark Moz

via Flickr by Mark Moz

On paper, today’s young adults are better positioned to buy than those of an earlier generation. Affordability for entry-level buyers is more than twice as high, according to an index composed by the NAR using such data as interest rates, median income, and price. Mortgage payments as a share of income are half what they were in 1984, and unemployment among 25- to 34-year-olds is lower.

Yet student debt has more than tripled in 10 years, and laws passed since the financial crisis make it harder to get a mortgage. While most mortgage borrowers have an average credit score of 740, most young adults score below 700, according to credit tracker FICO.

http://www.businessweek.com/articles/2014-07-17/millennials-homeownership-doubts-erode-sales-to-first-time-buyers

By | 2017-05-18T21:09:27+00:00 August 28th, 2014|Article|0 Comments

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