In reply to GameboyRMH :
The methodology may have been questionable but the results happen to be generally correct. Here are some summaries of other studies that come to the same general conclusion: that most millennials aren't choosing not to buy homes because they don't feel like it, but because they can't afford them:
No, they are not correct. As others have mentioned, self reporting on whether one can afford a home is not very reliable. If you read into the links that you provided, they can't afford homes because...
1) They have made poor choices that led to debt, which delays home ownership.
2) They want homes that are out of their price range. In more desirable areas, or a step above starter homes.
3) They are unwilling to make lifestyle changes to prioritize home ownership. Saying you want to own a home and doing what is needed to make it happen is not the same thing.
https://www.vox.com/the-goods/2018/10/10/17959808/millennial-homeownership-student-loans-rent-burden
Summary- Millennials want to buy homes in the cities where they are more expensive, have a lot of debt, are scared to the point of paralyzation over the state of the economy, fearful of another crash. They are also largely ignorant on what kind of a down payment it takes to buy a home.
https://www.creditkarma.com/home-loans/i/millennial-homebuying
Summary- Houses are expensive, too much debt, poor credit scores, lending standards are tighter, and they may not need a home in the first place because they are delaying or simply not getting married and having children.
https://financialpost.com/real-estate/canada-millennials-homeownership-relocating
Summary- “A huge number of millennials are telling us, `Yes, if I move, I could own my home,’
https://www.theglobeandmail.com/investing/personal-finance/article-young-adults-are-giving-up-on-home-ownership-and-a-lot-of-them-are/
Summary- Another article based on feelings and poor methodology. They polled 1500 people- non homeowners- between the ages of 20 and 40, and asked them "How do you feel about housing affordability?" Their choices were furious, frustrated, angry, resigned, hopeful, or other. No details on the age mix- 20 is very different than 40. Not very scientific, this poll.
As a millennial myself, I feel this is akin to citing evidence to support the idea that most people step on Lego bricks barefoot by accident rather than doing it intentionally as a sport.
Yes, but if you walked by the Lego brick previously and failed to pick it up, that's on you. If you keep stepping on it and continue to blame the brick, I really can't help you.
Every generation thinks their challenges are unique. But they have a lot in common, and the solution to many problems have been solved by the previous generations. There is already a template, that multiple generations ahead of you have shared. It will work for your generation, and the next, and the next.
I got serious about buying my first home around 2002. Houses were really appreciating then, we were on the upward slope of the bubble. I remember the house I wanted, pretty much all I could "afford." It was a fixer upper for around $175k, a huge number at the time. My Mom had bought a much nicer house for $150k just a couple years prior. I wasn't quite ready, I still had to clear up some debt and save more for the down payment. In the mean time, house prices climbed at a record pace. The more I tried to save, the more money I needed. I saw my prospects as a homeowner accelerating away, leaving me in the dust. I could have given up. Instead, my wife and I changed our spending habits and took on extra work. I don't think I saw my wife much that year. We caught up to the housing market and bought our first house in 2003 for $265k, just over a 50% increase from less than 2 years prior. 20 years later, it was still one of the best decisions we ever made. Maybe second to maxing out our 401k contributions.
