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As millennials, especially Latinos and blacks, own fewer homes, wealth gap will grow
Angely Mercado, 26, who has a master's degree in journalism, makes a living as a freelance writer; she hopes to land a full-time job at some point.
The Queens, New York, resident was clear when she was asked where home ownership stood on her list of priorities. “I wish it could be higher, but it's not financially possible,” said Mercado, who describes herself as very budget conscious and someone who obtained scholarships so she wouldn't have student loans like so many young people her age.
Still, Mercado has to live with her parents in the home they own. She's part of a generation of millennials who are less likely than previous generations to buy homes, according to a new report from Better Mortgage, a digital lender focused on improving access to home finance, and the Urban Institute, a nonprofit organization with a focus on social and economic policy.