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VIDEO: Why Millennials Aren’t Buying Houses

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Low income, student loans and high cost of living are factors affecting millennials from being able to afford purchasing homes in their desired areas. (Unless they’re willing to compromise on location and amenities.)

According to a LinkedIn study, it’s common for Millennials to change jobs about three times in the first five years after college. Median cost of a home in New York City goes as high as $770K, according to a Business Insider story.

Interestingly enough, young, highly-educated millennials make more than typical American workers, they take up a large part of the population in some of the nation’s most dynamic cities and are way more likely to work in well-paid tech jobs.

And yet, they’re still struggling to own homes at rates similar to their parents when they were the same age. Obviously culture and trends have something to do with that.

However. A study by Zillow says that Gen Z will own more than its Millennial counterparts in the next 15 years.

By 2035, when the younger Gen Z reaches the same age as Millennials now, experts said they largely expect conditions to be more favorable—and for homeownership among 35-to-44-year-olds to be higher than it is today.

See full video, courtesy of Business Insider.

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5 Strategies To Close Your First Real Estate Deal

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