Millennials face house prices 39% higher than their parents did in the 1980s
Housing prices have soared by nearly 40% in the past three-plus decades, far outpacing wage increases and making homeownership much more of a challenge for today's buyers. The increase is even more dramatic the further back you look: Today's average home price is more than 70% higher than what a buyer faced in the 1960s.
Rent prices are up nearly 50% over the last half century
Many millennials turn to 'super commuting' to find homes they can afford
Super commuters are those who travel more than an hour in each direction to and from home and work. In order to find homes they can afford while sticking with a job, many millennials are buying residences in the exurbs and accepting a daily commute of two or more hours.
Birmingham, Alabama, has seen the biggest growth of millennial home ownership increases in recent years
In 2017, millennial homeowners accounted for an impressive 18% of total homeownership in Birmingham, Alabama. That was a dramatic increase over the 11.9% of the homes owned by millennials just one year before in 2016.
next slide will load in 15 secondsSkip AdSkip Ad33 of the nation's top 50 housing markets saw increases in millennial home buying
In some markets, homes built before 2012 are selling at close to 50% discounts because they're too big and spacious for millennials
A quarter of home-buying millennials are buying homes before getting married
The traditional approach to life put marriage ahead of buying a home with a partner, but millennials aren't overly concerned with tradition. As many as a quarter of all millennials who buy a house with a partner do so before marriage.
One in three millennial homebuyers tapped into a retirement account to get cash for the purchase
Nearly two thirds of millennial homeowners have regrets about their purchase