ZeroHedge posted a good piece with a map from HowMuch.net showing the percentage of millennials that are homeowners in major metro areas around the US. It’s not a surprise that the west and northeast coasts are the most expensive with the lowest millennial homeownership rates while the midwest is the most affordable with the highest homeownership rates.
The top 10 metro areas for affordable homes that already have high millennial homeownership:
- Minneapolis-St. Paul
- St. Louis
- Kansas City
- Oklahoma City
It’s understandable that millennials are delaying purchases of new homes due to desire to focus on their careers and a need to pay down student loans before feeling comfortable taking on more debt. However, they can take solace in knowing mortgage debt payments as a percentage of disposable income are the lowest we have seen in over 35 years.
Source: Bluegrass Capital on Twitter
From Bill Simmons at The Ringer:
It always struck me as odd and funny that authority figures at companies have had such trouble categorizing the millennial generation (which includes myself) as the young graduates began entering the workforce. We are different from Baby Boomers and Gen X, but it never seemed like it should be this difficult to understand what drives our behavior. That is why it was rewarding today to see Bill Simmons, a CEO who has a staff of mostly millennials, describe my generation so well in just five lines.
I’m not as concerned about 31-year-old coach Sean McVay because I work with a bunch of young people. Millennials are underrated. They work their asses off, they’re used to doing five things at the same time, and their biggest fault is that they’re a little too uptight/sensitive/idealistic.
That about covers it.