Many Millennials wary of that first home purchase

5 Aug

Las Vegas Review-Journal – Jennifer Robinson

Andrew Baca looks at the world today and frets over what he sees.

Federal debt grows at eyebrow-raising levels. Jobs are scarce. Economic instability reigns. A Web marketing business he launched as a UNLV undergraduate closed as the recession peeled away clients. Plus, Baca’s still wrangling down debt from finishing his master’s in informatics at UNLV. It’s all enough to send a Millennial running back into the soft, easy cocoon of his parents’ arms. That’s exactly how Baca, 27, senior manager of the Las Vegas Sands Corp.’s digital marketing program and project management, ended up back home in June, after two years of renting a place on his own. Baca knows it’s not the traditional path; in past generations, he’d go from that apartment into his first home. But he said he’s too nervous to take that step. “The outrageous amount of federal debt is a major concern of mine, and I don’t see enough economic indicators to make me feel comfortable about a 30-year commitment,” he said.

“Given the enormous amount of projected debt, I don’t see how the economy is going to get better. I could purchase a home soon, but I would rather pay down debt and save, for liquidity and for security.” That refrain peals across the land: A Thursday report from the Pew Research Center found record numbers of young adults living with their parents. That means they’re not forming their own households. And the economic fallout could be huge.

>> Read more: http://www.reviewjournal.com/business/economy/many-millennials-wary-first-home-purchase

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