Homeownership as we’ve known it has changed. What used to be an integral part of the American dream is now well beyond reach for many of us. And nobody bears the brunt of the current housing crisis more than the young folks. Homeownership rates among the millennials is at its lowest compared to previous generations.
Compared to their parents and grandparents, they find themselves saddled with more debt and in possession of fewer assets. They can’t afford homes as more and more of them prefer city and urban living where home prices are off the charts. Besides, post-recession anxiety makes them less eager to invest in real estate. As a result, they’ve given up on a major opportunity to build wealth.
Hardworking professionals with steady jobs and healthy finances should be able to afford homes, even in a market like San Francisco Bay Area. They deserve an opportunity to embrace homeownership on their own terms. The biggest barriers to homeownership in hyper-competitive markets are discoverability and accessibility. First-time buyers in such markets are at a severe disadvantage when it comes to finding good deals and closing on those with guarantee.
ZeroDown‘s mission is to arm buyers with all the information they’ll need to find their dream home and to buy it with certainty through a cash offer. As the Chief Economist, I lead research at ZeroDown. And we are working to fulfill our mission by creating a fully guided home buying experience – enabled by quantitative analysis.
Every week, we’ll share our analysis on the various factors that impact the local housing market. Population growth, employment trends, new housing stock, school ratings, public infrastructure, transportation, and health care to name a few. Stay tuned!