Just 36% of Americans under the
age of 35 own
a home, according
to the Census Bureau. That's down from 42% in 2007 and the lowest level since
1982, when the agency began tracking homeownership by age.
It's not all their fault.
Millennials want to buy homes -- 90% prefer owning over
renting, according to a recent survey from Fannie Mae.
But student loan debt, tight lending standards and stiff
competition have made it next to impossible for many of these younger Americans
to make the leap.
"When we surveyed Millennials they cited several barriers
to homeownership, especially access to financing," said Steve Deggendorf,
a senior director for Fannie Mae. Many Millennials simply can't come up with
the hefty 20% down payments. Others
don't have good enough credit to qualify for loans.
There is a ray of hope for young wanna be homeowners,
said Fannie Mae's Deggendorf. "Mortgage lending is getting a little less
tight, with lenders approving buyers with a little lower credit score and who
have less of a downpayment," he said.
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