Why US millennials find it harder to buy a home than their parents did
Younger generation hit by a double whammy: lack of both inventory and affordability
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Washington
LAWRENCE Yun, chief economist of the National Association of Realtors (NAR) in Washington, has a natural inclination to promote the health of the housing market, since NAR members depend on home sales to make a living. So when he warns about affordability issues causing a potential slowdown in home sales, people listen. "Right now, affordability is a flashing yellow light on the housing market, and I just hope it doesn't become a red light that stops the housing recovery," he says.
The US housing recovery has pushed home prices higher, with the median national price reaching US$247,700 in June - the highest recorded since NAR began tracking prices in 1968, which Mr Yun attributes to inventory issues.
