Hey, Millennials: Kiss the American Dream goodbye


Buying a home, and being able to keep it, has always been a cornerstone of the American Dream. That’s why perhaps there’s been so much angst lately over the fact that many 20- and-30-something Americans may never be able to afford even a fixer-upper.

Recently, The Wall Street Journalwrote that a mixture of student debt, declining credit scores, and lower salaries for youngish Americans means it will be a long time, if ever, before many Millennials will be able to afford to buy a house. Taylor Tepper, a Millennial writing on Money.com, lamented that, despite earning a combined income of $110,000 between him and his spouse, he would likely have to choose saving for his kids’ college education over buying a house.

Just 22% of 30-somethings who had student debt also owned a home last year. That’s down from 34% in 2008, according to the New York Federal Reserve. At an investment conference in May, Bond guru Jeff Gundlach…

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