November 4, 2015
Home and Marriage
TheStreet.com quoted me in First-Time Homebuyers Often Wait to Buy House After Marriage. It reads, in part,
The number of people purchasing their first home, especially Millennials, could be impacted negatively by shifting demographics as the median age for marriage is rising.
A recent survey by NeighborWorks America, the Washington, D.C.-based affordable housing organization, found that 43% the respondents said they intended to buy a home when they “got married or moved in with a life partner.” The median age for a first marriage has risen to 29.3 years old for men and 27 years old for women, according to the U.S. Census Bureau. In 2000, men first got married at 26.8 years old while the median age for women was 25.1 years old.
Other respondents said they would wait to buy a home when other changes occurred, with 22% who will purchase one when they have children and 18% who are still seeking their first full-time job.
Many Millennials are delaying the purchase of a home because not only are they waiting until they are older to get married, a large percentage are also saddled with a large amount of student loans. The survey also demonstrated that 57% respondents admitted that student loans were either “very much” or “somewhat” of an obstacle, a rising concern compared to 49% who expressed this sentiment in 2014.
* * *
“The state of the economy has interfered with their ability to maintain a steady income and this has likely delayed marriage,” said David Reiss, a law professor at Brooklyn Law School. “As a result, they are less likely to become homeowners.”
What’s more, the lack of job security in the current economy has dampened many people’s enthusiasm to own a home.
“Buying a home is a big commitment to your future self and your family: ‘I will make that mortgage payment come hell or high water,’” he said. “Fewer people are going to want to make that commitment if the job market does not give them a reasonable basis to believe that they can live up to it.”| Permalink