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Despite Higher Education, Millennials Still Aren't Buying Homes
Having a degree is proving to be a key to homeownership. So why aren’t they unlocking doors for Millennials?
The link between homeownership and educational attainment is easy enough to understand. Higher education means higher income, which means more money for a down payment and a mortgage and all the rest. The Millennial generation is the most educated generation in U.S. history. Yet it is not the most anchored.
A bachelor’s degree is not a requirement for homeownership, but it is starting to look like one. As household incomes are increasingly linked to educational attainment, so is homeownership status. At the same time, higher education can be a temporary barrier to homeownership. This paradox might be the driving factor of the U.S. housing market today, which is still slow to grow even despite a strong recovery.