Are you in the age bracket of 25-34? Do you own a home?
Currently, only 25.4% of millennials own a home in King County. Additionally, of the population in this age group who are married and have a household income at or above the county median, only 49.9% are homeowners. We haven’t seen rates this low since 1900, so what’s going on?
1. Houses are expensive! Real estate in King County has an especially high price tag at this point, making it difficult for anyone–not just young people–to purchase a home.
2. Millennials love being single! Today’s millennials are postponing marriage; in King County, 53% of people aged 25-34 have never been married (compared to 27% in 1980).
3. Student loans are the worst! National student loan debt hit an astounding $1.2 trillion in 2015. Young people stuck paying off the debt accrued in college have a harder time qualifying for a mortgage loan. Student loan debt also makes saving for a down payment more challenging.
4. Maintaining a house is too much work, duh! Millennials would rather be out, living their lives to the fullest than stuck at home fixing rusty pipes or pulling weeds. Also, today’s young people typically don’t see houses as a solid investment, thanks to the foreclosure crisis.
So what does all of this mean? Many millennials are choosing to rent! As a result, the rental market has gotten competitive, intense and pricey. If you are entering the renting market any time soon, be sure to gear up for battle!
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