Curley: Millennials from divorced families aren’t buying homes

While analysts can point to a few reasons why younger generations are not buying property in King County, KIRO Radio’s John Curley has his own theory: Coming from divorced families has discouraged young adults from buying a home.

The Seattle Times reports that the Millennial generation is opting to rent in lieu of purchasing a house or condo in King County.

Related: Here are the top 10 most concentrated ‘Millennial markets’

In 1900, approximately 25 percent of King County residents ages 26-35 owned a home. By 1980, home ownership within that population was 50 percent. Today, that rate is back down to 25 percent.

“But you can explain that … because these people have put off marriage and having kids so they are staying freer longer. Because of that, you would rather rent than own,” John Curley noted to his co-host Tom Tangney on KIRO Radio.

Other reasons, Tom noted, are that more people in the 26-35 age are single; marriage usually encourages people to buy a home. Another reason is that college debt is “through the roof,” making that a priority ahead of owning property. Not to mention, Tom said, Seattle home prices are very expensive.

“In our generation, that was when you established yourself, ‘I own a home, I am now an adult,'” Tom said. “A lot of young adults don’t define ownership of a home as being a great investment &#8212 because they saw that bubble burst a decade ago &#8212 but also it ties you down.”

However you dice it, John thinks there is a sentiment running through the millennial population. That sentiment is lowering home ownership among them, and it is caused by divorce.

“If you talk to most of these Millennials, they will probably tell you that they have come from a divorced family,” John said. “Then all of a sudden mom gets the house and dad got an apartment &#8212 or dad gets the house and mom gets an apartment &#8212 and no one is cutting the grass … the house becomes this burden on whoever gets stuck with it.”

Kids then see that the townhouse or condo is more appealing, John said.

“The idea of the home being this sacred place where one comes home for meals, and you do your homework and you got a special place where the whole family sits on the couch and watches TV &#8212 those things are gone,” he said. “Because the break in the family, the house itself, the structure, the bricks and mortar of the house are no longer the thing that people think, ‘it’s a safe place.’ Whether it’s an apartment or some neighbor’s futon, wherever you are, that’s where you are. And there’s the big problem.”