When we started this project we designed a survey to answer our original research question which was to determine whether or not there was a relation between how many people live in a home versus the cost of the mortgage payment or rent. From this we were attempting to prove that higher costs of living required more than one income thus leading to more people living in the house. However we did not have enough question that could narrow down how many people were actually making money in the house as opposed to a dependent.
Upon running multiple data tests we did find there was a relation between age group and homeownership. The questions that helped us determine this relationship were; what is your age and do you own or rent. It has been a topic of many studies that people have a much harder time today buying a house then people did 30 years earlier so I decided to take that piece of data and further research what the major causes of the decline in home ownership is.
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Within the last 30 years home prices have increased drastically while income has increased at a much slower rate. This has been attributed to much of the fault as to why home ownership rates are down and while it is a factor, there are also many more factors that have attributed to lower rates. So what does actually contribute to the decline in home ownership? Are we just making excuses or is there more to it? I have found that there is much more to it and I will discuss how marriage, kids, ethnicity, education and student loans impact the home ownership rates today.
In the article; Here’s why millions of millennials are not homeowners. (Nova 2018) the author goes over several reasons why millennials are having a hard time buying a home. The number one reason for the drop in home ownership rate is the fact that millennials are getting married later than previous generations. This factor alone has an 18% negative impact on home ownership rates. This leads to having children later which contributes another 6% negative impact on home ownership rates. One of the main reasons for this is education. Instead of getting married and having children early, people are opting to get their degrees and professional lives together first. Student loan debt of 100K or more can lower the home ownership rate by 15%. So if you are a Hispanic female going through school using student loans and your not married or have any children then you have less than a 10% chance of owning a home during that time frame.
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