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So close, and yet so far.
As various factors finally make homeownership attainable for frequently maligned millennials, a new hurdle has appeared: Not enough houses to go around.
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According to recent findings by investment bank Jefferies, younger millennials between ages 25 and 29 are increasingly buying their first pads, and 30- to 34-year-olds are doing so at even higher rates, Insider reported.
The only problem is there aren’t enough starter homes available, an issue that’s existed since before the coronavirus pandemic and is a result of profit-seeking real-estate investors buying the pads, increasingly expensive construction costs and more restrictive zoning rules.
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Despite being much less economically well-off than previous generations were at their age, millennials in fact led home-buying in 2020, significantly motivated by the pandemic. According to an Apartment List’s Homeownership report, 40 percent of the age group now own homes, while a Clever Real Estate survey notes that 30 percent started house-hunting earlier than planned due to COVID-19.
But unless contractors can somehow quickly construct 2.5 million homes — the amount America is short on, according to Jefferies — in the next year, millennials may be left holding yet another form of unfortunate financial cards.