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The Biggest Weakness Facing US Real Estate

Housing-Market / US Housing Apr 07, 2018 - 10:24 PM GMT

By: Harry_Dent

Housing-Market Right now, Millennials are the largest cohort of homebuyers in America.

And even though they’re waiting longer to get married, start a family, and buy a home… and they’re more likely to skip buying a starter home and opt for a larger property…

They have almost ZERO interest in the massive McMansions the Baby Boomers built. Those behemoths cost a fortune to maintain, they typically lack the desirable open floor plans and high-end amenities Millennials want, and they’re usually located in hellish suburbia, far away from the hip neighborhoods and fun activities.


This is the #1 problem real estate faces right now, right alongside being completely unaffordable.

According to Realtor.com, large, single family homes – which range from 2,900 square feet to 4,000 square feet – are the largest 25% of all homes listed on its site. Yet they get 12% to 45% less views than the typical home in each market! Also, these homes are selling up to 73% slower.

Besides, even if Millennials wanted to buy these McMansions, they’d be hard pressed to afford it…

The average college graduate in 2016 owed $37,172 in student loans.

https://economyandmarkets.com/wp-content/uploads/2018/03/Student-Loan-Debt.jpg

AND they’re still new to the workforce so their wages are capped by their lack of experience, all of which makes it near impossible for them to get bank approval for outsized mortgages.

This has led to limited supply in the housing market, which has pushed prices higher.

There isn’t a housing shortage. There’s a shortage of affordable housing in desirable areas.

This situation cannot and will not last. I explain why, in detail, in my newest eBook, Real Estate Doomsday: How to Protect and Grow Your Wealth During the Greatest Real Estate Crash in History.

Harry

http://economyandmarkets.com

Follow me on Twitter @HarryDentjr

Harry studied economics in college in the ’70s, but found it vague and inconclusive. He became so disillusioned by the state of the profession that he turned his back on it. Instead, he threw himself into the burgeoning New Science of Finance, which married economic research and market research and encompassed identifying and studying demographic trends, business cycles, consumers’ purchasing power and many, many other trends that empowered him to forecast economic and market changes.

Copyright © 2018 Harry Dent- All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Harry Dent Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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