Middle-Aged Millennials Succumb To The American Dream: Taking On Debt And Buying A House

St. Louis Federal Reserve economist Bill Emmons also said that Dodd-Frank was making it harder to get a mortgage: “The underwriting process for mortgage lending changed a lot from the pre- to the post-bubble period — and it would be groups like young people who would be most affected by that.”

Despite Covid presenting a tailwind for many who were considering buying a home, only about 5% of older millennials bought a home over the past year, the survey revealed. The lack of a home can negatively affect people's financial stability going forward, Choi said. “Having a home does not just give you an opportunity to access wealth and build wealth, but it also gives you more stability.”

And Emmons thinks a small "delay" from Covid that pushes homeownership back for millennials isn't all that bad: “If it’s just a little bit of a delay, then maybe it’s not such a problem. Particularly if people are living longer, if they’re working longer or staying healthy longer, perhaps it’s not necessarily all bad.”

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