From National Association of Realtors chief economist Lawrence Yun:
Rising rents and repaying student-loan debt makes saving for a down payment more difficult, especially for young adults who’ve experienced limited job prospects and flat wage growth since entering the workforce.
The Wall Street Journal, “First-timers Fade Further,” 11/4/14
Mr. Yun was explaining why first-time buyers only constituted about 33 percent of home buyers in the year ended last June, as opposed to the historical average of 40 percent. This is what the long slow slide of a once great economy into moribund stagnation feels like.
