There are nearly 95 million people living in the United States today who are between the ages of 10-32.

These people, Millennials, outnumber their baby-boomer parents by more than 10 million, and the adults among them have been keenly aware of the affect of recent recessionary times.So much so that they’ve become more aware (and sensitive) to debt, including mortgages.

Changing Landscape of Homeownership

Gone are the days of the huge mortgages that were so readily available for baby-boomers. Despite this fact, the average age of home owners has continued to increase over the past 30 years. So much so that in 2010, almost 80% of U.S. homeowners were between the ages of 55 and 64. Add to these facts that, according to census reports, the percentage of homeowners between the ages of 25 and 34 fell from 52% to 42% in the same year and it’s easy to see that young families are indeed having a much harder time realizing their dream of homeownership–especially if you factor in the high cost of property seen in today’s markets.

For young families and single millennials alike, the high price of property and dominance of baby-boomer ownership is a catastrophe. As the population increases, new houses are not being built fast enough due to economic contstraints and the price of homes continues to rise. This perfect storm further edges out more young families.

Changing Landscape of Success

In days past, the need for a college degree wasn’t nearly what it is today. In most cases, a college degree (or beyond) is required for even entry-level jobs that might not pay enough to cover a Millennial’s bills. And with these degrees often comes a hefty burden of student loan debt.

This is a far cry from the financial situation most baby boomers started out with. Yes, means were modest but there was a lot more freedom when debts weren’t looming so largely. Without the burden of debt or society-dictated norms for higher education, most baby boomers were afforded many more immediate opportunities when it came to homeownership than millennials are able to find now.

Other influential factors included the surplus of available homes, the low prices of homes (if you are currently searching for a home, check out this online mortgage calculator for more info), the readily available mortgage options, and a more relaxed borrowing process. Without these same luxuries, young families today struggle to find affordable options to become homeowners.

Inflated Circumstances

Along with the lack of student loan debt and the ease of mortgage options baby boomers have appreciated over the years is the fact that these people reached their peak earning years much faster than young adults can today. In turn, this means a higher demand for bigger, more established homes instead of smaller, starter homes.

As baby boomers begin to enter their retirement years, if they wish to downsize, the influx of large homes on the market could further impact young families looking to buy a home. This is because the inventory will be filled with over-priced, large homes and the baby boomers, who have more stable financial means, will be able to price out their younger competition for the smaller homes.

While our most recent housing crisis here in the States targeted all age demographics, including large numbers of young families and first-time homebuyers, the potential for a second housing market crash will originate with America’s aging grandparents already well into their retirement.