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Homeownership Among Millennials: The Deferred American Dream?
Author(s) -
Xu Yilan,
Johnson Carrie,
Bartholomae Suzanne,
O'Neill Barbara,
Gutter Michael S.
Publication year - 2015
Publication title -
family and consumer sciences research journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.372
H-Index - 31
eISSN - 1552-3934
pISSN - 1077-727X
DOI - 10.1111/fcsr.12136
Subject(s) - dream , retirement planning , financial plan , baby boomers , public relations , business , actuarial science , finance , economics , demographic economics , political science , psychology , neuroscience
This article reviews external and internal factors influencing homeownership decisions for millennials, that is, those who were born between the 1980s and the early 2000s. The article was written by a multistate group of land‐grant university researchers to inform future research. The review of literature suggests that credit accessibility is an important external factor for millennials’ homeownership. Also important are life cycle factors such as financial resources and student loans liabilities, and family decisions such as marriage and parenthood. It is anticipated that this information will enable financial advisors, educators, and policymakers to understand the challenges of homeownership for millennials and to formulate strategies to help this age cohort with their personal financial planning.