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.”