Just as Americans buy homes at fastest pace in a decade, millennials are having a hard time trying to acquire their first homes. The Washington Post reported: “For years, millennials looked at owning a home as a distant fantasy. Student debt and a weak job market seemed to conspire to keep this generation stuck in their parents’ basements, if not permanently locked out of the housing market. But as millennials find better-paying jobs, start families and begin searching for their first homes, they’re encountering an unfortunate reality: Just as they’re finally ready to buy, the housing market has the fewest homes available for sale on record. And those that are for sale are increasingly priced at values inaccessible to first-time buyers. As a result, the housing market is booming for those with cash to spare — but not for millennials looking to own their first home.”
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