However, a new report says there will be improvements in the real estate market during the next decade, and these gains will be driven by well-educated individuals who are currently between 15 and 32 years old.
According to the University of Southern California Lusk Center for Real Estate, the age range, also known as Gen Y, is quickly becoming a larger representation of the country's population, rivaling the Baby Boomers.
"Give me people and we will have growth,” said Stan Ross, Lusk Center chairman of the board. “The U.S. creates the best innovators, creators and entrepreneurs in the world."
Sixty percent of individuals in the Gen Y demographic go to college. As these people complete their educations and enter the workforce they will create a rise in housing demand, which may help lift the market.
Although Ross says Gen Yers will use what they've learned about the volatility of recent stock market collapse to make more cautious investments, the rising demand for housing may lead to a number of new moving trends in the upcoming years.
More News