The economic disruption could amplify anxieties about homeownership for millennials.
Published by: GlobeSt
Prior to the coronavirus pandemic, the US had a severe housing deficit. In fact, at that time, the word crisis was largely used to describe the shortage of affordable and attainable housing. While the pandemic has certainly stolen the headlines, there could continue to be a housing shortage, and the coronavirus outbreak could worsen the problem.
“Many expect the U.S. housing deficit to worsen,” BJ Turner, founder of Dunleer, tells GlobeSt.com. “For millennials who already had anxiety about buying a primary residence as a result of the Great Recession, the COVID crisis only amplifies the anxiety as their fears are reinforced about how fleeting employment can be in a crisis. Furthermore, new construction projects that are not yet out of the ground are either completely halted or will be shelved for months to come. Ultimately this leads to more renter demand and less apartment supply.”