The article discusses the ongoing trends in American household formation and homeownership, particularly among millennials. It highlights that a significant portion of the population may remain lifelong renters unless they have dual incomes through marriage. Rising home prices and mortgage rates have hindered young buyers from entering the market, resulting in a steady homeownership rate at 65.7%. The author notes that shifting demographic trends have influenced these dynamics, especially as the population consists of younger and older individuals less likely to buy homes.
One-third of the nation will remain lifelong renters unless they get married and have a dual-income household.
If home prices hadn't skyrocketed alongside mortgage rates, we would have more younger homebuyers entering the market.
Demographic trends were shifting dramatically, with the population too young or old to actively participate in the home-buying market.
Over the past decade, millennials have been the largest group of homebuyers, contributing to household formation.
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