3 reasons why young people are scared of homeownership

Derek Thompson, spoke with us today about the decline in young homeowners. Here’s why Thompson thinks we’re seeing this trend:

1) People are much more likely to get a home if they get married. Marriage in on the decline and the homeownership decline follows.

2) Families “are freaked out about the economy. And ‘freaked out’ isn’t necessarily an economic term but it has an economic basis. People are scared of losing their savings. They’re scared that their jobs are going to evaporate because of globalization and technology.”

3) “It’s this torrent of regret that’s having a trickledown effect. Thirty-somethings saying ‘I wish I had never bought’…and this sentiment is trickling down and probably discouraging 20-somethings who might be buying a home.”

  • Craigger

    The phrase “young people” is unclear. I doubt you would have an in depth (and lively) conversation about “old people”. Seniors, senior citizens, boomers, perhaps? I would guess most people would define “young people” as anyone younger than themselves.

    -Do you see all the young people text-ing while they wait for the bus?

    -We need to find a way to get more young people involved at our church.

    -Young people are not buying houses these days.

  • suestuben

    You’ve overlooked a major reason: houses require constant work, weekends of work, weekends of no friends, no fun, no nothin’ but spending money and working on your house.