Collectively, Gen X and Gen Y generations along with the Baby Boomers lost trillions of dollars in net worth over the last seven years as a result of the housing collapse. Homeowners’ net worth is back to being 30 times greater than that of renters as the housing market recovers and home values increase. However, average family net worth is still not at the level it was prior to the crisis.
We must make sure that future generations are better informed regarding housing in order not to repeat what happened.
The Millennial generation has a decision to make as the economy improves and they begin to move out of their parents’ home and move into living space of their own. Should they rent or should they own? Before they make that decision, they should know enough to make an informed decision.