As the housing market continues to recover, a new study shows one group is not participating in the recovery, Millenials.
The so-called 'millennials,' people between the ages of 25 and 34, are staying on the housing sidelines. It seems like they're waiting longer before they purchase their first home.
A Harvard Joint Center for Housing study that finds 52 percent of millenialls who rent could afford to buy a home but delay purchasing, "It's hard to pin down an exact number, but I'd say four to six years longer than maybe a generation ago."
One possible factor is student debt. They're waiting longer because they want to get that paid down so they can qualify for the mortgage they need so they can get the house they want.
It is also believed that a more transient early work environment may make millennials hesitant. They don't want to commit to a purchase quite yet because they're not settled in their career.
Millennials will ultimately join the ranks of home owners. However, if for the time being you are looking for a wonderful apartment home community check out apartments in Columbia, SC and contact Abberly Village.