Millennials Are Finally Buying Homes But Are Lenders Ready?
According to National Mortgage News: Millennials Are Finally Buying Homes But Are Lenders Ready? Millennials still living at home in their parents’ basements has become the brunt of memes and jokes—and widely publicized in 2018 when a judge ruled that a New York couple could evict their 30-year-old son from the family home—but there’s a multitude of reasons why it’s taking this generation longer than previous generations to hit the adult milestone of homeownership. However, Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years. That’s good news for the U.S. economy in general—and mortgage lenders in particular. As a generation, the Millennials pack a lot of buying power. In 2019, their numbers surpassed that of the largest generation to date: Baby Boomers. 1 Millennials are the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data....
