There has been a lot of discussion about millennials entering the housing market and whether they prefer renting or actual home ownership. Recently , real estate news site Inman had an interesting take on the issue – they posit that the current marketplace is seeing aging baby boomers who are “house rich” trying to sell to those who are “credit poor.”
“The millennial generation — most likely with a FICO credit score that hasn’t been built up yet — is trying to buy homes from existing long-term residents. Those long-term residents know they have “profit” accumulated in their asset; it’s a classic case of cash-poor buying from house-rich.”
Indeed….Either way you cut it, we’re in uncharted territory. A generation saddled with student debt, many having moved back home, are taking over the driver’s seat but might have to lease a little longer before they can buy….if they even choose to.
