For much of us in the north east, the first day of Spring is ruined by depressing winter weather warnings. When will it start to feel like Spring outside? When will the Black Stallion (my 2011 fully-loaded but never dependable Dodge Avenger) get a break from the salt? When it comes to the weather, I’m a world-class complainer. But even I know that it WILL get warm again, sooner or later.
The same can be said about the common debate of Millennial participation in the housing market. Just like we know that it will get warm outside, we know that all of us 20-something to 30-something year old’s WILL become homeowners – eventually.
My young adult generation is the largest since Baby Boomers, but reports are showing that we have yet to make a substantial impact on the housing market. Rising home prices, increased cost of living expenses, unestablished credit, and student loan debt are some of the most common reasons to blame.
Our industry is trying to figure out how to overcome all these obstacles, so the housing market can get that much needed boost. And no matter what we try, I think we should remember to practice the virtue of patience. It’s very tough to be patient, and probably not an option for some; but I think most of us Millennials are just late bloomers.
I honestly think the late bloomers will take action in the next few years regardless of what is happening around them. As awareness increases, more will figure out ways to overcome the financial and debt obstacles; but I believe many Millennials have just lacked actual motivation. I believe that the “30 is the new 20” wave will not last much longer. Trends and fads fade, and soon it won’t be cool to claim you are “saving money” from mom’s basement. Soooo, just be patient and hang in there originators! My fellow Millennials will actually “grow up” sooner or later, and you won’t need to cross your fingers waiting for Amazon HQ2 to land in your area to increase your application volume.
Thanks as always,
The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.