NMP - April 2017 - 94

millennials

continued from page 92

Reserve noticed this was a
problem-William C. Dudley,
president and CEO of the Federal
Reserve Bank of New York, told a
conference in early April that
student debt "has increased more
than fivefold over the past 14
years" and continued to put undue
pressure on the housing plans of
Millennials.
"Our analysis reveals that those
with significant student debt are
much less likely to own a home at
any given age than those who

completed their education with
little or no student debt," he said.
"This finding is consistent with
other past and ongoing research
here at the New York Fed that
points to the potential longer-term
negative implications of student
debt on homeownership and other
types of consumer spending. Of
course, homeownership is more
than just consumption-it has
historically been an important form
of wealth accumulation. For a large
share of households, housing

equity is the principal form of
wealth. Thus, changes in the way
we finance post-secondary
education could also have
important implications for the
distribution of wealth."
Dave Gillihan, a Portland branch
manager for Churchill Mortgage,
has witnessed young doctors and
attorneys who have been
prevented from obtaining a home
loan due to their student loan debt.
"It is the desire of the Millennials
to push ahead and follow the trend
of generation after generation,"
Gillihan said. "People out here
want to achieve, but many simply
don't qualify."

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And with home prices in a
seemingly endless ascension,
many Millennials feel that they
need to be part of a two-person
team in order to access
homeownership-and being
married to each other does not
necessarily factor into the
equation. A recent study from
Zillow has found almost 15 percent
of all homebuyers between the
ages of 24 and 35 during 2015
were unmarried couples, up from
11 percent in 2005.
In some markets, there is a
greater prominence of unmarried
couples buying residential
property: In Washington, D.C., for
example, almost 16 percent of all
young homebuyers in 2015 were
unmarried couples, up from 7.5
percent 10 years earlier. But while
more unmarried couples are buying
houses, fewer singles are entering
into homeownership, as roughly 25
percent of all 2015 homebuyers
ages 24-35 were single, down from
28 percent in 2005.
"Buying a home is a big part of
The American Dream-equally
shared by Millennials and Baby
Boomers alike-but it's becoming
extremely difficult to make it work
on a single income," said Zillow
Chief Economist Svenja Gudell.
"Many singles looking to purchase
a home on their own may not make
enough money to afford or qualify
for a mortgage on their dream
home. That makes buying a home
with a significant other even more
appealing, even if marriage isn't
quite part of the picture. Simply
put, buying a home is much easier
with two incomes. Assuming home
value growth continues to outpace
income growth, I imagine this trend
will continue."
But whether they are coming in
tandem, through the FHA or in
unlikely metro markets, the
Millennials are coming. Vantage
Mortgage Group's Harris believed
the Millennials, who are looking at
the big picture and their own
situations and are recognizing that
time right to lay claim to the
American Dream.
"Some speculate the Federal
Reserve's raising rates is causing
this, and maybe some have secure
jobs now as the economy
improves," Harris said. "And the
cost of rent is a big part. Our
market's rent is not cheap and
affordability is very challenging.
They may be thinking: Why pay
someone else's mortgage when I
can pay for my own?"
Phil Hall is managing editor of
National Mortgage Professional
Magazine. He may be reached by
e-mail at
PhilH@NMPMediaCorp.com.


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Table of Contents for the Digital Edition of NMP - April 2017

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