Home-buying is still a challenge for a large slice of American consumers and could put limits on the housing sector's growth potential.
But the broad view belies the reality of a very uneven recovery among American households, according to UBS.
Meanwhile, the"lower tier" — with less cash flow to invest in property, stocks, or other appreciating assets — haven't accumulated wealth to put toward homes. "Given affordability and down payment pressures lower tier households also seem to be reaching to secure home ownership," UBS wrote in the April report, adding that the results from their latest consumer survey"suggest lingering stress amongst lower tier households."Much, but not all, of this lower tier is comprised of millennials — a generation of more than 70 million now in their 20s and 30s — who have delayed buying a home later than their parents did.
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