On the surface, it’s easy to assume why millennials (people in their 20s and early 30s now) are not buying houses at young ages like their parents did. They were in high school and college during the housing market collapse and the great recession. Many of them are drowning in student loan and credit card debt, and making low wages in a stagnant job market. The assumption is, that they simply cannot afford to buy homes.
While that’s a valid reason, this article by Kerry Close at Time Money states that there is another one that most people don’t think of: that millennials are more picky and discriminating, and don’t want to waste time and money on any home that is not their dream home.
Most prospective buyers—56%—are holding off because they don’t think they can afford “the type of home” they’d want to live in. Another 34% are delaying because they’re paying off debt.
“They don’t want to just buy a house; they want to stay in a house,” said John Schleck. “They’re approaching the decision with a level of maturity and conservatism.” “I think they’re discriminating,” Schleck said. “They want to avoid the mistakes they’ve seen made in the past.”