The Number of First-Time Homebuyers Is Dwindling

octoberblog2Les Christie of CNN Money reports that the percentage of homes purchased by first-time homebuyers in 2014 has dropped from a norm of 40% down to 33% — the lowest it has been in almost 30 years. This is unusual particularly when you consider that mortgage rates are exceptionally low. The low number of millennials purchasing homes is largely attributed to high student-loan debts and less than exceptional incomes. Additionally, in the wake of the housing crises, mortgage lenders are much more strict about requirements to qualify for a loan.

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