Youth hardest hit
I have a niece that bought in Arizona. She went to work overseas and I encouraged her to sell when she left, but she didn't and she is part of this statistic.
This article gets to me in the comparisons it makes to other generations. I was a child through that stagflation they describe as so difficult on that generation. What a load of bunk to make that comparison to today's crisis. I grew up in a a so-called low income household, my mother was a single parent and there were 3 of us, and there was never any problem making the rent, putting food on the table, she managed to buy a new car, save a down payment. And I also have my teen working experiences at "low" wage jobs and the buying was phenomial compared to today. In the 70s and I had friend in high school who worked 20 hours per week at a minimum wage job and she was able to support herself. Most can barely afford rent working fulltime on minimum wage these days, let alone a half-time minimum wage job.
That stagflation helped that generation in that it dramatically reduce relative debt and wages went up enormously. I was working in banking from the late 70s to the mid 80s and there were tons upon tons of 30 something year olds paying off their mortgage. Today's youth can barely put together a downpayment by that age. There simply is no comparison and a real lack of perspective to suggest it.