By Mike Sunnucks | Rose Law Group Reporter
Lack of savings and debt loads (including student loan debt) are the main reasons why millennials are not buying homes.
But lack of knowledge related to mortgages and homeownership are also drivers of why younger generations are delaying or avoiding buying homes.
That is according to new research by LendEDU, a New Jersey based financial education firm. LendEDU surveyed 1,000 millennials on their views on homeownership and finances.
Among millennials who are not homeowners, the survey found 26 percent cited lack of savings and another 24 percent said lack of income kept them on the home buying sidelines.
Another 21 percent said student loan, credit card and other debts were the reason they weren’t buying homes. Another 17 percent said poor credit was the reason they weren’t looking to buy a home.
Student loan debt is a 2020 election year issue with Democratic presidential candidates such as Bernie Sanders and Elizabeth Warren proposing forgiveness programs.
Another 55 percent of millennials in the 1,000-person survey who have not bought a home pointed to lack of knowledge of mortgages and homeowners as another reason for not pursuing homeownership.
Millennial homeownership has been a challenge because of the last recession as well as young generations waiting longer to get married and have kids.
