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Sign into your accountThe real reasons millennials aren’t buying homes and what you can do about it
September 10 2015
Part 1: The real reasons millennials aren't buying homes
Many experts have argued that affordability, student loans or fear of being tied down are the primary reasons millennials are not buying homes. The real reasons, however, might be quite different from what the conventional wisdom suggests.
Although many people believe that millennials don't want to be tied down with a home, a recent Redfin study indicates otherwise.
According to Nela Richardson, the chief economist at Redfin, "92 percent of millennials who don't own a home say they plan to buy in the next four years."
Richardson believes the big driver for homeownership is having children. In fact, the Redfin survey showed that 38 percent of U.S. millennials said they would, or have, put off a wedding or honeymoon to afford to buy a home. As Richardson says, "Mortgages before marriage."
So what is keeping millennials from entering the housing market? Here are the factors at play:
Student loans: not the real issue
A study from TransUnion found that student loan impact on rates of millennial homeownership might be overblown.