Among Millennials overall, the tight job market and student loan debt has forced many to delay many life events that mark passage into adulthood, including buying a home, getting married and starting a family.
More than getting married, more than having children, almost half of Millennial women rank owning a home as their primary goal, according to a recent online survey, as reported by Cribsuite.com. Chronicle. “The findings suggest Gen-Y women want to lay their financial foundations before pursuing other life goals,” the report states.
Among Millennials overall, the tight job market and student loan debt has forced many to delay many life events that mark passage into adulthood, including buying a home, getting married and starting a family. Principal households comprise just 5 percent of even Millionaire Millennials, according to a recent demographic study conducted by Spectrem’s Millionaire Corner.
From 2006 through 2011, 25- to-34-year-olds experienced the largest decline in homeownership compared with any other age group, according to a USA TODAY analysis of Census Bureau data. Among this demographic, renters increased by more than one million during this time period.
And if they’re not renting, you might look for them at their parents’ house. More than one-third (36 percent) of Millennials lived at home in 2012, according to Pew Research Center studies. Of these, 40 percent were men, compared with 32 percent of women.
The Cribsuite.com Chronicle survey notes these real estate market trends among women vs. men:
· Nearly one-fourth of first-time home buyers were single females vs. 15 percent of single males
· A majority (56 percent) of single women own a home and live along compared with 47 percent of single men.
· One-fourth of single women spend more than half of their income on housing vs. 10 percent of men.
Why are more single women buying homes than single men? Because there is a growing pool of single woman home buyers due to rising divorce rates or the decision to pursue an education before getting married.
Social progress and changing economics are also factors, the study found. Women are more educated today than they were 30 years ago. Meanwhile their aggregate income has risen 10 percent while men’s wages have flattened. Women, too, hold a majority (52 percent) of white collar jobs, the report cites.
In addition, women are the primary breadwinners in 60 percent of unmarried households, and are the most likely to live with children, a primary incentive for owning a home.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.