February 2017 - Making Millennials Move

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12 | TH E M R EP O RT COVER STORY A glimpse of the Nationstar communications team—which is comprised of millennials. Left to Right: Nina Herndon, Corporate Communications Specialist (28 years old); Colleen Edmundson, Senior Communications Manager (34 years old); Christen Reyenga, AVP, Corporate Communications (35 years old); Kelly Ann Doherty, SVP, Corporate Communications (35 years old). T hese millennials aren't buying… yet. Shamel Washington is a 32-year-old professional who currently lives with his parents in New York. He hasn't always been there. After graduat - ing from a Philadelphia college, Washington accepted a job not far from his alma mater. But living on his own for four years was expen- sive, and the financial burden became too stressful. Washington decided to move back to his parents' home in New York. It wasn't what he wanted to do, but living with his parents was the best available option. "With the amount of student debt I've accrued over the years," Washington said, "it was impossible for me to comfortably pay my rent, student loan payment, car payment, and other bills. I'm thankful that my parents allowed me to move back in with them; I'm living rent-free, and I'm able to save money for a home. My fiancée and I are looking to move out of state in a few years, and renting is no longer an option for us anymore. Now that I have more of a handle on my finances, I'm ready to begin the homebuying process." It's not uncommon for adult millennials to spend years living with their parents. The Social and Demographic Trends study by Pew Research Center examined trends among millennials across multiple areas. According to the report, 31.6 percent of young adults were living with a spouse or partner in their own household, and 32.1 percent of millennials were living with parents in 2014. The report also revealed that 14 percent of millennials were either living alone, with one or more room- mates, or were a single parent. The remaining respondents, 22 percent, were living with a grandparent, in-law, or a sibling; a non-relative; or were living in group settings like a college dormitory. Many millennials feel that they have not been presented with the same opportunities that previous generations enjoyed. Zillow's Group Report on Consumer Housing Trends revealed that millennials have had the most difficulty entering the housing market due to rising interest rates and affordability. Millennials have also rented properties longer than previous Building The Millennial Buy-In The future of the housing market lies in the hands of the millennial generation. What measures should lenders take to attract this market to the idea of homeownership? By Mirasha Brown

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