Declining home ownership among Millennials is not a result of declining affordability according to a new report from analysts at Bank of America. According to the bank’s US economics team led by Michelle Meyer, even though it is accepted that millennials aren’t moving out of their parents' homes because home prices are too high, in practice affordability is not holding back home ownership.
According to the Census Bureau, there are currently 75 million individuals considered to be millennials, making up the largest generation. The average age is 27.5, implying that there is a large cohort of young adults coming of age, which should, in theory, underpin home ownership growth. But millennials...
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