January 15, 2014
Likely one of the most important generational issues facing economic growth for many years to come with a particularly onus affect on Real Estate ownership. This newly developing familial arrangement is inextricably linked to poverty rates among young single mothers and subsequently their offspring. How is it than that millennials (birth years from the early 1980s to the early 2000s) and those in generation X make up the majority of homebuyers, comprising a combined 59 percent of all purchases between July 2011 and June 2012. Millennials in particular made up 28 percent of all such purchases, and generally tended to be more optimistic than the average buyer about their chances to build wealth through rising home values (85 percent, compared with 80 percent overall). Their purchase rate was just behind that of gen-Xers, who led the way with 31 percent of homes bought. By inference if a large percentage of newborns are born into poverty however 20 somethings are presently making up a meaningful percentage of new home buyers are we headed for an economic black hole 20 years from now or is this yet another indication of the expanding gap between the haves and the have nots relative to access, income and education. I suggest both yet cite the following as one possible thesis to be considered. Don’t shoot the messenger. I’m just making an observation.
“Marriage as an institution is most likely to flourish when it is embedded in a society or in communities that lend legal, cultural and economic support to the ideals of permanency, fidelity, mutual aid and shared child rearing associated with marriage.” Since support for those ideals has been dwindling across the socioeconomic spectrum, but especially among poorer communities, “it is not surprising that marriage is not delivering as much stability and support as it once did to poor couples.”
