As millennials find better-paying jobs, start families and begin searching for their first homes, they're encountering an unfortunate reality: Just as they're finally ready to buy, the housing market has the fewest homes available for sale on record.
At the same time, the dearth of homes for sale is driving up prices, making homeownership even more difficult for millennials who do find a home to buy.
"Can builders do that at a cost that meets buyers' expectations, given rising land development costs, rising wages and rising land costs?" Some experts have suggested in recent years that millennials may not want to own homes.
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