Older Millennials May Own Homes, But They’re Struggling
About 54% of people aged 33 to 39 owned a house last year, according to a CNBC Make It-Harris Poll survey, but it isn’t easy making those mortgage payments while paying off student loans. These older millennial homeowners are a smaller share than the 60% of Generation Xers and 62% of Baby Boomers who owned houses at the same age.
See: Biden to Offer $15,000 First-Time Homebuyer Tax Credit
Find: Surprising Ways Gen X and Millennials Are Worlds Apart Financially
Covering mortgage payments and student loans while also saving for retirement and children’s college is challenging many families. Half of those who do not own a house say that they have not saved enough money, and 17% cite student loans as their primary barrier.
In addition, these older millennials entered the job market in the post-financial-crisis recession. Many had a few years of unemployment or underemployment before settling into a career, putting them behind the curve relative to their age. The financial crisis also led to tighter lending standards, making it even harder for people to qualify for loans.
In many parts of the country, it seems that interest in home buying has shot way up thanks to the pandemic. People want yards, space for home offices and a different set of four walls to stare at. Interest rates remain extremely low. This may be the point where more millennials convert to homeownership, continuing their reputation for not changing milestones even while being behind in hitting them.
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