Yes Folks, The Times They Are A-Changin’
The traditional life path that was typical of my generation; grow up, go to school, start your career, get married, buy a home, have children and then the children leave to follow the same path, is pretty much history.
The “contemporary” life path is hardly a path, they seem more like random acts of life than anything. Of course, the world is much more complex than when I was young, so it stands to reason that the directions in life are as varied as they are these days.
The graphic below shows the linear life path of the Baby Boomer generations vs. the nonlinear life path of Millennials. With so many potential directions for the youth of today to go, it’s no wonder that only about 20% of Millennials currently own homes.
So, the bottom line is Boomers own homes at nearly 4x the rate of Millennials. Is there something we can do about this? Probably not. But if you have Millennial children and you have the means, you may want to consider purchasing a condo or townhouse for your kids. This way, if they do decide to buy a home, they can start by test-driving your second home and not moving back in with you.
Just a thought.
If you have any experience with this situation, please leave your comment below.