, accounting for more than half of all home-purchase loan applications last year.
But most housing analysts don’t expect a wave of sustained home price cuts for quite a while. They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. Young families living in apartments decided to buy houses in the suburbs or leave expensive cities for cheaper ones. Millennials who already owned homes traded up for more space.
Some real-estate brokers also theorized that millennials preferred to rent and spend money on travel and experiences rather than buy houses. “We talked for years about how millennials preferred to ‘do’ rather than to ‘have,’ ” said Richard Ruvin, a Realtor at Keller Williams Milwaukee North Shore in Wisconsin.
The main challenge for millennial home buyers, Mr. Fleming said, isn’t whether they can afford to buy a house but whether they can win a bidding war. The frenzied market this year has made it. First-time buyers often lose out to all-cash buyers or investors buying to flip or rent out the homes. Mariel and Matt Balaban, who are 35 and 36, respectively, were happy living in rental apartments for years, but having children changed their perspective. When the pandemic struck, Mrs. Balaban was pregnant with their second child, and they decided to move from California to Pennsylvania to be closer to Mrs. Balaban’s parents. After touring more than 30 homes, the couple had their fifth offer accepted this spring on a four-bedroom house in Wayne, Pa.
In the first eight months of the year, millennials comprised the highest share of purchase mortgage applicants in San Jose, Calif., Austin, Texas, and Seattle, all metro areas with a high number of tech jobs, according to CoreLogic. Millennials also accounted for more than half of applicants in more affordable markets such as Pittsburgh, Milwaukee and Buffalo, N.Y., CoreLogic said.
Doomed to rent? Renting can be great. So much bias in this country toward buying a single family house.
Should focus more on % of millennials, not the number now vs before. Doing it that way ignores the population increase. While I am one of those millennial homeowners, i feel more like I’m blessed than part of a large herd. So much is still lost to inflation compared to last gen
They're buying cheap houses in rural areas or putting up too little down just because rent is even higher.
Rich millennials
Sounds like this focuses on the select few. There's so much to consider when buying property and timing can be very important. And I wouldn't exactly call it 'doomed to rent' there are advantages and disadvantages to both.
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No one is saying that. You can't base your article on high earning people, most can't afford. These are people who have good credit and stable jobs can't get a house bc of corrupt loopholes and greedy investment conglomerates
I can buy a house tomorrow if I wanted to but I choose not to . Too many feel obligated to get on the housing ladder that is obviously overpriced and corrupt. Houses should not be an asset.
Lets check back when the bubble bursts again…
High incomes and low rates. Those are key. Many don't have high income and historically low rates are unlikely to last. Also helps to have family money for a down payment or to not be burdened by lots of student loan debt. Low incomes, lots of debt, good luck.
Wait I thought they were drowning in student loan debt and needed responsible people to bail out their bad decisions ?
Total liars
Let’s hope they pay their student loans too
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Lol doubt it
TheKouk Thx to banks that create liar loans.
There is always going to be economic issues to deal with. 40 years ago the obstacle was high interest rates. First time home buyers were dealing with interest in the 14% range.
I’m blown away at what I am seeing couple and singles buy… plus their super expensive cars and all the electronics. Their parents grew up sharing a bedroom with a sibling, one house phone, and their parents often shared a car. They had a job in high school and college.
Nothing ventured Nothing gained, everything is possible if you both continue working..
What kind of bullshit is this They can't afford it. If they're buying, they're either rich, getting help from parents, or going into debt.
I hope it doesn’t end like when us X’ers supercharged it 15 years ago.
my friend told me more than 1500000 ppl have died of Covid_19 COVID19 in USA . who can tell me the situation. low level ppl in the shithole country live mater
That is not possible! Have you discussed this with the “Squad?”
Buying but never owning at those rates!
Reading all the underachievers whining about how no millennial could afford a home without 'mommy and daddy.' Hilarious.
'Doomed to rent'. Renting ist probably the best option considering the incredible real estate bubble the planet has been experiencing for years.
Lol no
Is this also primarily white millennials?
Hedge funds are pricing everyone else out of the current real estate market. Unless their rich parents are footing the exorbitant bill, this story is, *shockingly*, fictional.🙄
TheKouk I think they call this propaganda
According to the WSJ, millennial means 'young rich person.'
TheKouk The United States and Australia are 2 of Just 3 countries that have not signed up to the international anti-money laundering laws . Dirty money is feeding housing prices and stopping the young and poor from entering the housing market . This will not end well .
Where? Like in South Dakota?
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There is so much in this article to which I would like to reply “it depends.” There are few ways to invest these days since interest rates are so low.
High incomes?
Think WSJ is at Realtors side, not buyers.
Sure. Several millennials come from money. Just not the vast majority of them.
The WSJ be all over the place on this topic
Bullshit 🙋
Trust me. Many a boomer gifting $ for the purchase..: don’t feel bad, those who can’t buy
Maybe that’s be bc millennials are now entering that age when purchasing is a normal thing they can afford with the salary of an experienced worker? Isn’t that what all generations have done and will keep doing?
Prices are high and inventory is low.. its not a good time to be a first time home buyer.
I thought I read student loans are preventing them from buying homes. Which is it?
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the same house my grandfather bought in the late 70s for 45k now would sell for 800k. I can't afford to live in the town in grew up in. Even with a good paying job, home ownership in NY remains nothing but a dream.
Excellent. Now they got ya! Student loans, credit cards, car loans, and now...a mortgage. Live it up with debt! Better work harder to save for kids, future college, vacations, weddings, savings, retirement
I am a millennial myself. That is all. millennial millennials
I am long houses!
Last I heard these pitiful bastards were looking down their noses at buying.
good
I hate when pandemics cut my yearlong-global-honeymoons short and I have to drop $650k on a house.
Bullshit.
This is bad, sloppy, and useless 'reporting.'
Lots of old folks here upset kids getting money from parents to put down large down payments. Comical.
This is an unabashed puff piece.
This is the one of the proofs that President Biden has done.
Yeah because rent is also astronomical.. if the options are $2,600 a month for a one bedroom apt or $4,000 for a mortgage, a lot of people sacrifice putting away any savings to be able to build equity. Not exactly an ideal situation when the bubble inevitably pops
Don’t let them see their amortization schedule.
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Our kids grew up, and in spite of our best efforts to cock block them from every luxury we enjoyed, they still find ways to buy nice things, fucking things up for the rest of us!!!!