When the 2008 Financial Crisis struck, millennials—now between the ages of 23 and 38—were either just old enough to fully grasp the severity of the situation or were well into their careers.
It is well documented that the recession was ignited by a subprime mortgage lending crisis. Operating in a wild west lending environment, financial institutions were supplying mortgages to consumers whose finances really should’ve prevented them from qualifying.
This led to obscenely high mortgage default rates that led to the eventual bursting of the subprime bubble.
With millennials having a front-row seat to the mortgage-induced financial crisis, LendEDU wanted to better understand how this generation is approaching the home buying experience, specifically as it pertains to mortgages.
Millennials are now the largest living generation and make up a vital component to the economy as they are either in or are approaching their highest-earning years.
This means that this often-chastised generation will be absolutely crucial in keeping the housing market healthy. And if history tells us anything, it’s that homeownership is one of the pillars of a thriving American economy.
So, LendEDU surveyed 1,000 millennials to analyze homeownership and mortgage trends for this imperative generation. Below, you will find part one of this study, which specifically pertains to millennials that already own a home.
Source: LendEDU (click for full content)