Millennials Could be Foregoing Equity Wealth
Posted To: MND NewsWireWhile reams of research have been done on why members of the Millennial generation are less likely to own a home compared to their baby boomer and Gen X elders at the same age, the Urban Institute (UI) notes that knowing the reasons doesn’t necessarily shed much light on the potential long-term implications of this behavior. Delaying homeownership , according to UI analysts Jung Hyun Choi and Laurie Goodman, may reduce the wealth the generations’ members will acquire over their lifetime. Goodman and Choi used a dataset called the Panel Study of Income Dynamics (PSID) which has tracked individuals since 1968 to identify individuals who reached age 60 between 2003 and 2015 and gather information on their histories, including the age at which they bought their first homes. Half of the older adults…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.