From Home Furnishing Business
FastFact: Stagnant income holding back Millennial home buying
While high student debt is often cited as a key factor in keeping Millennials out of the housing market, the simple lack of sufficient income also plays a role.
Median income for individual Millennials ages 25 to 34 stood at $31,219 annually in 2010 for example, down more than 10% from a peak of $34,459 in 2007.
A study by the National Association of Realtors, meanwhile, showed that Millennials who do purchase a home have a median household income of $77,400 and save for a down payment an average of four years.
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