Gen X Is Denied Mortgages More Than All Other Generations
March 6, 2020 9:06 AM
by
Navi Persaud
News

When it comes to securing a mortgage, Generation X looks to be at a disadvantage according to a recent study conducted by the National Association of Realtors. The report revealed that applicants ages 40 to 54 years old are denied home loans more than all other age groups, according to a Yahoo Finance report.

"Generation X has a higher share of denied mortgages because they are most likely to have sold a distressed house or have been underwater during the recession, plus they may have taken on more debt from their children’s student loans," said Jessica Lautz, the Realtor group's vice president of demographics and behavior insights.

The denial rate for Gen Xers is at 7%, which is higher than the 5% average denial rate for all generations.

"A quarter of Gen Xers’ mortgages were denied because of their high debt-to-income ratios, and 25% were because of their low credit scores, the study shows," according to the report.

Unfortunately, Gen Xers are still feeling the affects of the Great Recession over 10 years later.

To learn more about why Gen X is denied a mortgage more than any other generation, click here.

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