Low interest rates, high rents and working from home combined to push many young Americans to buy their first home over the last two years. But this version of the Great American Dream is not without its challenges, as Lauren Morgan found out.
"We have since had plumbing issues. We currently have a hole in our dining room ceiling because we just had a leak in our plumbing," Morgan said. "I rented the same apartment for 12 years in Nashville and recently got word that we are under new ownership and management, and rent increases were going up in the past year," Abbie Culberston said.
Another pressure point was the flow-on effect of 2008 financial crisis, Lee said, as millennials stayed in rental homes longer, which put pressure on housing stock. "There is kind of a 1% rule of thumb," Lee said."So you have to think about, you know, saving about 1% of your housing value, because that's the amount of money that you will spend annually for any type of upkeep."Home ownership is not enjoyed equally in the United States.
"You've got to think about how housing relates to things like the workforce," he said."It's one of those wicked, complex problems that require more of a comprehensive approach and strategy to overcome."