“Millennials are so eager to become homeowners..."
Wait a secong here: not so long ago it was "OMG, millenials do not want to own homes - they want to rent (preferrably a shibox, preferrably in some overpriced city center)". What happened to that line?
Millennial here. Half my friends own homes, we bought fixer-uppers during the downturn, remodeled them. Millennials are a handy bunch and take pride in working on our own homes with attention to detail and design compared to previous generations. We all have plenty of equity and could sell tomorrow for a 50% gain in this market. When the market drops, we won't be underwater. I don't see the downside. If after 30 years you take into account the cost of "the money you rent from the bank" -- if I only made a $7000 profit with inflation and maintenance, I still lived somewhere for 30 years for essentially free.
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