2008 Economic Crisis Has Resulted In A Generation Of Millennial Renters
Millennials will tell anyone - the "greatest economy ever" is a hoax. That is because many young adults aren't just priced out of the housing market; they have never recovered from the 2008 financial crisis.
The Wall Street Journal (WSJ) investigated several trends that have transformed millennials into a generation of renters. The Journal's latest report is an eye-opener into the shaky finances of the next generation that will take over the entire U.S. workforce by 2024.
Alex Ruiz, 29, and his wife, Stephanie Johnson, spoke to WSJ about insurmountable student debt, little savings, rising rents, the affordable housing crisis, and the bleak outlook on life.
The couple is located in Asheville, N.C., where residential real estate markets have jumped 70% post the financial crisis, making it unaffordable for the pair to buy a home. Rising rents and student loans have drained every last penny out of the two, who are unable to save for a downpayment.
"Day to day we're OK generally," said Mr. Ruiz, a case manager at a government-funded agency.
"But the depressing part is when we take a hard look at the possibility of our future."
For many generations, homeownership was a pillar of the American dream. Since the dream died shortly after the 2008 crisis, many are rethinking what that new dream could be.
Millennial homeownership rates have crashed over the last decade. The median age of a home buyer is 46, the oldest since the National Association of Realtors began keeping records in 1981. The trend is expected to accelerate into 2020.
https://www.zerohedge.com/news/2019-07-30/2008-economic-crisis-has-resulted-generation-millennial-renters