Millennial and homeownership case
There are many problems that are preventing millennials from buying homes. A couple
problems that millennials face is the credit score requirements have changed over the past 18
years and rent is increasing more in cities with limited housing supply. In January 2000, the
required credit score to achieve a house was 695, now in April 2018, the credit score has
increased to 738. Although it is known that younger people have lower credit scores,
whomever changed the policy knew it would affect those that wanted to purchase a home. If
landlords keep increasing the rent cost, it can be difficult for millennials to pay monthly. Young
adults have many other expenses; such as, school loans, insurance, etc.. If rent keep rising it
could be difficult for young adults to pay. A solution for this problem could be to start programs
that would help young adults build their credit score and help reduce some of the debt so they
can purchase a home when they were ready. The millennials would also have to have a plan
when buying a home because they could always run into problems. These problems impact the
organization because it is taking millennials a decade or so to purchase a home.