Growing up most of us imagined the possibility of one day buying a home and living out our lives there. But we didn't consider that being born into this generation gave us some of the hardest odds of ever buying a home.
Over the past few months I've read countless articles about how Millennials (born in 1984-2004) aren't likely to afford homes in the near future.
I agree. Not that I want to since I too am part of this generation but with a changing economy and rising housing market the signs don't look too optimistic.
With the 2008 economic crash, the housing market spun into disarray and is still making a recovery but with rising tuition costs and student debt growing in the U.S, just thinking about buying a home sends shivers down my spine.
The average U.S home buyer is 31 years old so for most of us there is still time for rising home costs to come down. But the reality is there is one main factor that is holding the market up and that is the economy is a whole.
Job creation is key and while unemployment rates are dropping, millennials are having a hard time finding those jobs. According to the Wall Street Journal two-thirds of Millennials are some kind of debt and the thought of adding to that might be why buying a home might just be out of the picture.
In states like California where rent is among the highest in the country, finding a house or even one bedroom apartment is a nightmare and is only going to get worse. In cities like San Francisco and Los Angeles, rent prices balloon over $2,000 and for recent college grads choosing over bills and food is a reality.
Time will only tell how the job and housing market will change in the next decade. But one thing is for sure.It might be time to start saving and thinking about that home one day.
It's never too early to start stressing about that mortgage bill.