Los Angeles Millennials Real Estate
The Millennials’ generation already has a profound influence on the world economy, and the financial burden they carry to obtain an education will affect the makeup of what type of housing is built for them with real estate in Los Angeles.
These young adults face challenges that prior generations didn’t dream of. While they are young and well educated, they also have a mountain of college loan debt. Because of that, they often live at home, or share housing with friends.
Even with good jobs, they can’t qualify for mortgages because of their outstanding school loans. This means that Millennials must postpone their dreams of buying a single family house and settle for “practical” housing.
When these young adults do finally buy property, they are likely to be more conservative in what they purchase. They are unlikely to go for luxury Los Angeles real estate, and instead will opt for more affordable housing.
This could drive demand for cheaper Los Angeles houses. Affordable housing like the apartments and condos under construction in Hollywood and Downtown are prime examples of the property Millennials are likely to buy. Home buyers looking for a solid investment should keep in mind that affordable houses in Hollywood Hills will always be in demand and is a smart investment.
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Photo courtesy of CNNMoney.