Millennials had just started to settle down and buy houses in recent years, but the spread of coronavirus may change plans for many young homebuyers. Realtor.com found that it could take Millennials an extra 6.5 years to save for a home due to added financial pressure from the pandemic's economic fallout, MarketWatch reports. Savings that have been wiped out due to unemployment, slashed hours, and other hardships could take years to replenish, and even then they may find more challenges as lending standards tighten up.
Millennials may not be as vulnerable to serious health complications from COVID-19 as other generations, but they will still feel the effects pandemic’s economic fallout, according to a new report from Realtor.com
The rapid rise in unemployment and broader economic downturn prompted by the coronavirus outbreak has forced millions of Americans to dip into their savings to cover routine expenses. But while the coronavirus-fueled economic slump happened quickly, it will take a long time to recoup those funds.
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