Ben Carson, the former presidential candidate known for his calm demeanor who was appointed by President Trump to be the Secretary of Housing and Urban Development, is trying to make it easier for millennials to purchase their first home.
Young Americans are facing a housing crisis. Their average wages are falling, while housing in most areas is rising quickly. Federal Reserve data shows that millennials are earning 20 percent less than baby boomers were earning at the same ages. Average wages have fallen since the recession, according to Census data. A recent ATTOM study says, “Annual home price growth outpaced annual wage growth in 363 of 447 counties (81 percent) analyzed in the report.”
Chinese and Mexican millennials have much higher homeownership rates than American millennials. China’s homeownership rate among young people is 70 percent, double the 35 percent rate in America.
In a speech to the National Housing Symposium, Carson said millennial homeownership is a “lost dream.”