Affordability is fading fast—and although millennials are eager to enter the market, and succeeding, they’re bearing the brunt of the challenge, according to recent research.
Sixty-three percent of millennials under 29 are challenged by the cost of homeownership, according to a CoreLogic and RTi Research study. The expense, in fact, is their No. 1 reason for remaining a renter.
“One-third of millennial renters reported feeling they cannot afford a down payment to buy a home,” says Frank Martell, CEO/president of CoreLogic. “With home prices rising quickly over the past few years and supplies low, first-time homebuyers face ever-growing challenges to find and buy affordable entry-level homes.”