The Housing Policy Council at the Financial Services Roundtable in Washington, D.C., brought together several housing experts to talk about why millennials aren’t buying homes.
HousingWire reporter Brena Swanson, herself a millennial who prefers renting, discussed initiatives among mortgage lenders to move more operations online. Based on discussions she has with these institutions, her advice is to actively engage millennials via social media. “Meet us online,” she said, adding “whether you like it or not, we’ll tell you what we think.”
Mark Palim, vice president for applied economic and housing research at Fannie Mae said millennials don’t want to buy homes is the perception that they won’t qualify and can’t meet the down payment.
Nela Richardson, chief economist at Redfin, called having children “the great equalizer,” indicating the millennial homeownership market will likely expand as more in the generation reproduce.
“92% of millennials who don’t own a home, say they plan to buy in the next four years,” Richardson said, adding millennials are more likely to cohabitate, get a mortgage and then get a home loan. “Mortgages before marriage.”
