July 22, 2014
LET'S BUY THEM HOUSES:
When It Comes to Housing, Maybe Millennials Aren't so Different After All (NEIL SHAH, 7/22/14, WSJ)
Posted by Orrin Judd at July 22, 2014 7:38 PMNearly half of Americans between the ages of 23 and 34 who lived in metro areas with "ideal housing conditions" in 2012 were married (46.1%), versus around a third who lived in "unfavorable" housing conditions, according to a new study by demographer Jonathan Vespa and others in the U.S. Census Bureau's Social, Economic and Housing Statistics Division. ("Ideal housing conditions" are defined as low costs, high availability/low competition, lots of detached homes, more rooms and low unemployment.) [...]In a separate study last week, Jed Kolko, chief economist at Trulia Inc.TRLA +3.18%, the online real-estate information company, argued that demographic changes, such as delaying marriage and parenthood, account for nearly all of the declines in homeownership among young adults.But many of these demographic shifts may simply postpone home-buying, rather than eliminate it. Like mom and dad, many millennials, once they finally marry and have kids, may want that white picket-fence, too. "There probably hasn't been a huge shift in millennials' attitudes toward homeownership," Mr. Kolko says.