'Disenfranchised' millennials feel 'locked out' of the housing market and it taints every part of economic life, top economist Mark Zandi says
'Disenfranchised' millennials feel 'locked out' of the housing market and it taints every part of economic life, top economist Mark Zandi says
“If they feel like they're locked out of owning a home it colors their perceptions about everything else going on in their financial lives,” Zandi says.
paywalled
The irony
A failure to address the affordability crisis plaguing housing in the U.S. will mean young people, who “already feel disenfranchised,” according to Zandi, will lose faith in the economy and take their frustrations out on President Joe Biden come election day.
It's maddening, this constant assumption that Biden wants to win the votes of the masses. He has delivered his true constituents a feast of war and austerity. What's left of Biden will die satisfied that he lived to serve his class.
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While the pandemic brought with it a remote work boom that caused millions of citydwellers to flee to the suburbs, sending housing prices soaring.
A failure to address the affordability crisis plaguing housing in the U.S. will mean young people, who “already feel disenfranchised,” according to Zandi, will lose faith in the economy and take their frustrations out on President Joe Biden come election day.
“The goal of homeownership is increasing because of its importance as a respite from a volatile economic environment,” says John Walkup, cofounder of real estate analytics firm UrbanDigs.
In fact, Bank of America Research analysis finds that younger millennials, between the ages of 28 and 35, were closing the homeownership gap compared to Gen X and boomers.
They found an exceptionally challenged housing market at the same time they were saddled by exorbitant student loan debts and a recession that hit right when they entered adulthood.
Much of the American Dream is tied up in buying a house not just because of the sentimental factors of owning a home but also because it’s a critical source of wealth building.
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