The housing market looks a lot different today than it did a couple generations ago.
That’s something that more and more millennials, the group between the ages of 23 and 38, are discovering firsthand every day, whether they’re renting their first apartment or already on to their second purchase of a house.
Why is the housing market so different for millennials compared to the one their parents and grandparents faced?
In large part it’s because of how much housing costs have risen, but it’s also because of the student debt with which many members of the generation are saddled. Some 70% of recent college graduates finish school with an average of $29,800 in debt to repay, plus the inevitable interest.
Faced with these financial challenges, it’s little wonder that millennials are buying different types of homes and in different types of locations than their parents did. And they are buying under different circumstances, too, often waiting longer, buying before marriage, or living with their parents to save cash so they don’t have to wait years for homeownership.
Here are nine surprising facts about the millennial housing market that put it in perspective.