In spite of being a decade into the recent economic recovery, the homeownership rate across the United States remains well below the historical norm. This infographic explores some of the topics that have suppressed homeownership among millennials.
Student loans outstanding have been growing by over a hundred billion dollars per year since the recession ended. This means the average graduate with debt has $37,172 in debt to repay. The average student who is paying off loan debt spends nearly $400 a month on student loan payments.
The recession lowered the bargaining power of labor while the central banks around the world engaged in quantitative easing to prop up financial asset prices. Hedge funds and private equity companies bought up hundreds of thousands of starter homes and jacked up rents on the properties. Developers also moved upmarket, focusing more on building premium luxury properties.
Young people are now contending with elevated rents, large student loan debts, inflated housing prices & limited starter housing stock.
Infographic by: mortgagecalculators.com