A few months ago, a Millennial Facebook user declared, “The new Millennial dream is a housing market crash.”
More than 2,600 people Liked or Loved that sentiment; when a larger page recycled the post, it got approval from over 327,000 users.
Variations of this meme have floated around social media for years. Although usually presented as a joke, many people engage with the message at face value, egging on some sort of imagined disaster that would leave housing prices plummeting.
Freddie Mac report in 2021 noted that though Millennials are the largest American consumer group, just 43 percent of Americans ages 23-38 own homes.
For comparison, the national homeownership rate is around 65 percent, and for past generations (Baby Boomers and Gen X’ers respectively) the rate was 48 percent and 51 percent when they were this same age.
A sobering Bloomberg analysis found that Millennials are more broke than their elders “in almost every way measurable,” pointing to runaway housing costs, inflation, debt (especially student debt), and stagnant wages.
More bad news, in May of last year a Bankrate poll found that 64 percent of Millennials polled say they regret something about their purchase
a catastrophic “bubble burst” is unlikely, but a slow “cooling off” is on its way. Of course, it’s easy to glib about the fact that almost nobody ever expects a bubble; but it is true that history is more often measured in years than in days.
The best advice: Buy when you can, buy a Boston Beacon Hill condo for sale. Buy a Boston condo somewhere whenever it fits the budget. Then, don’t look back.