The American Dream has included homeownership for many years. Today, however, that dream is at a standstill for young adults already burdened with large amounts of student loan debt. According to an article by the Detroit News, 414,000 homes sales will not take place this year due to large amounts of student loan debt.
The article explains “the number of households under age 40 that owe $250 or more each month in student loans has nearly tripled since 2005, to 5.9 million.” These numbers lead to $83 billion in lost sales.
For many millennials, the dream of homeownership remains out of reach. With no end in sight to growing student debt, the housing market and home improvement industry will wait on this group to catch up.
With a more frugal and economically challenged group, attracting young adults to your home improvement store may lay the foundation for the future. By offering deals and products a renter can utilize in their space, your store will not only help them improve their current living space, but be the business they turn to when they finally get the keys to their very own dream home.
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