First-time home buyers are a major source of fuel for the housing market. Their purchases are often the first in a chain of move-up buyers.
But Millennials haven't yet answered the housing market in large numbers. Chicago Agent Magazine recently crunched the numbers and dismissed a few of the "loftier" and more intellectual motives and settled on one simple one: they don't have any money in savings.
According to a study from Moody's, U.S. adults aged 35 and under have a savings rate of negative 2 percent, which means they're going into debt or spending assets. That compares to a rate of 3 percent for those aged 35 to 44, 6 percent for those 45 to 54 and 13 percent for those 55 and older.
For more visit Chicago Agent Magazine here or the Wall Street Journal (subscription required) here.
