As the second largest generation behind baby boomers, millennials may be a force to be reckoned with, but they also may be known as the generation unable to afford a home. Born between the early 1980’s and early 2000’s and more than 74 million strong, they make up nearly 24% of the US Population – more than 9.6 million people according to the U.S. Census Bureau.
Despite being a well educated group, they have some catching up to do in terms of earnings and employment. Only about half of millennials are currently employed, only one third have full time jobs, which does not bode well for their present homeownership prospects. The challenging employment situation has led to more millennials returning to their parents’ houses and delaying homeownership.
Click here to view the entire article by Carmen Hirciag, California Real Estate, May 2015, page 22 and 27.