According to kansas.com, the U. S. Census Bureau reports the overall homeownership rate dropped to 64.7 percent in Q2 of 2014 from 66.9 percent in the same quarter five years ago. For those under 35, the Millennial generation, homeownership has dropped from 39 percent in the second quarter of 2010 to 35.9 percent for Q2 2014, likely the result of tight credit, student loan debt and a continuing elevated unemployment rate, as reported by Harvard University’s Joint Center for Housing Studies. A Fannie Mae survey of adults 18 to 39 revealed 50 percent of the respondents who were renting want to buy a home but do not think they can get approved for a mortgage. The two largest obstacles are lack of sufficient credit and ability to put together a down payment, as MHProNews knows. The Joint Center’s report says 2.7 million millennials will be entering their 30s in the coming decade and that should give a lift to the housing market. ##
