Millennial's aren't exactly a shoo-in to be the strongest demographic buying houses.
While the sheer size of the millennial demographic should be a boon to housing demand long-term, lenders and credit facilitators like LendingTree may have a difficult time getting a large portion of the demographic to buy homes.
"What we're seeing right now with millennial's is that they're having an affordability problem, and they're also having a credit problem," said LendingTree CEO Doug Lebda.
While home prices have certainly dipped in some pockets of the country of late, they're experiencing some level of support from high construction costs, partially a result of tariffs placed on Chinese metals, increasing the price of those materials. "It's gotten harder to afford a house because of the rising construction costs," Lebda said. "You talk to home builders, they talk about that."
Housing and Mortgage Education
"Many millennials also aren't as educated in the home-buying process and the mortgage process," Lebda said. Even as millennial's become increasingly good at finding value when consuming -- usually with food, clothes and other products -- only roughly 30% shop around for different mortgage offers when getting a mortgage, Lebda said.
On those two fronts, home buying is hard for millennials. But see in this video what factors are easing the process for the demographic.
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