NEW YORK (CNN) – The Millennial generation is being squeezed out when it comes to buying a home.
According to the U.S. Census Bureau, just 36 percent of Americans under the age of 35 own a home, the lowest level since 1982.
But it's not for a lack of want.
A Fannie Mae survey shows 90 percent of Millennials prefer owning over renting, but a variety of factors are keeping them from making that leap. The factors include student loan debt, tight lending standards, and stiff competition against other buyers.
It's tough for many young people to come up with a 20 percent down payment, especially since they haven't hit their highest-earning years yet.
Also, home prices in general have been increasing.
The good news – Fannie Mae says that mortgage standards are loosening at least a little, and lenders are starting to approve buyers with slightly lower credit scores and less of a down payment.
That should open up some opportunities for Millennial buyers.
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