Below is an article from Rise Media explaining that Millennials are not buying homes because of their lifestyle choices.
Lifestyle Choices—Not Student Debt—Keeping Homeownership at Bay for Millennials
The homeownership rate is falling — from a high of 69 percent in the mid-2000s to less than 64 percent today — and lack of millennial demand is a major factor. Some even see a lower homeownership rate as “the new normal,” as an Urban Institute study declared.
This trend appears worrying, especially with homeownership still strongly linked to the American Dream. But to fully assess the effects it’s having on society, we must actually answer the question of why millennials aren’t buying.
My research has led me to an unconventional, yet surprisingly obvious, answer. Lack of finances is not the primary reason millennials are shunning homeownership — in fact, it’s not a significant problem at all. The real reason they’re delaying or avoiding homeownership is their lifestyle choices, especially in the realm of marriage and children.
For full article go to: http://rismedia.com/?p=99036
Alternate View: The 5.4% Unemployment Rate Means Nothing For Millennials
The national unemployment rate has dropped to 5.4%, the lowest rate since 2008, but this low percentage means nothing for Millennials (born 1980-2000).
The data is actually pretty scary: 44% of college grads in their 20s are stuck in low-wage, dead-end jobs, the highest rate in decades, and the number of young people making less than $25,000 has also spiked to the highest level since the 1990s.
There are various factors contributing to the absence of jobs for Millennials.
First of all, employers are more hesitant to hire new graduates, as Baby Boomers are delaying retirement and holding onto their jobs due to financial insecurity. This creates stagnancy in the workplace.
Moreover, advances in technology are making many jobs obsolete because they can easily and cheaply be automated. In fact, renowned futurist Faith Popcorn argues that the “robot revolution” is coming, projecting that roughly one out of three U.S. workers will be replaced by robots by 2025.
We’re adapting to the changing job market. We’re not buying cars at the rates that previous generations have, instead opting to use public transportation or car-sharing services. Buying our first homes is no longer a part of the “American Dream,” as most of us aren’t even buying homes at all.
For full article go to: http://onforb.es/1GZXI6r
