The Daily Money: Millennial homeownership grows with higher incomes and parental help
Hi, it's Amritpal Kaur Sandhu-Longoria with The Daily Money headlines for Friday.
With higher incomes and some help from parents, millennials are finally becoming homeowners. Even with soaring housing prices, over the past five years millennial homeownership has grown from 7 million to 18 million people. Challenges such as the Great Recession and student loan debt were two big economic reasons that put the pause on buying a home, but that all changed last year when millennials reached a historically high median income of $108,000 a year. Some millennials even moved back in with their parents which helped them save money.
However, baby boomers are still the dominant homebuyers, coming in at 32 million people.
Jobs report shows fewer jobs added in March
Employers added 236,000 jobs in March, down from 311,000 in February, as industries like housing and technology, which are sensitive to Federal Reserve interest rate hikes, cut jobs. Other industries that cut jobs include manufacturing, transportation/warehousing, and the financial sector.
It could all be a blip and be part of the pandemic-related recovery. If jobs continue to decline, however, it could hint at economic trouble ahead.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
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