b'their parents, their grandparents, and their friends lose theirlonger as easy as it used to be. The terms are much more homes, have them given back to the bank," Goodnow said.difficult. The banks are compensating for mistakes they "And I think that caused millennials to have some skepticismmade." of the benefits of homeownership in the way that previousAdd to this the tough market, with soaring home prices and generations just did not."housing inventory 9% lower than it was a year ago, according Of course, some young people didn\'t just watch their friendsto the National Association of Realtors. Throw in the hassles and families get overtaken by the housing crisis. Someof maintaining a property you own. Sprinkle in a dash of the experienced it firsthand.freedom that comes with renting. And when it\'s all mixed "I bought a condo pretty close after college in 2008, which intogether, you could be forgiven for wondering whether hindsight, I realize, what a bad time," said sales engineer Juliapurchasing a home is even worth itand whether that Napolitano, 32, of Milwaukee. "I went into it, really, with thiscornerstone of the American Dream is losing its luster. idea of, \'I want to establish myself. I want to build my career,Well . not so fast. I want to build a home,\'" Napolitano said. "And in my mind,Pathway to wealth growing up in a single-family home my entire life with my parents, that was their marker. That was what they really"There aren\'t a lot of opportunities to build wealth outside of instilled in me." But then, "The market changed and with it sohomeownership," said McCabe, "and we rely on our wealth, did my opinion of homeownership," Napolitano said.this wealth that we\'ve built, for retirement, for weathering health emergencies, maybe sending our kids to college. And After buying her condo for $159,000 and living in it for a fewhomeownership still remains the best way to build wealth." years, Napolitano moved into a rental unit and leased her home to renters. Finally, in 2016, she sold her condo forFor the most part, according to McCabe, people recognize $104,000.this, and manyeven millennialsare not entirely put off by homeownership. Yes, some young people shun the suburbs "I needed to get away from it," she said, noting that evenwith their dreaded white picket fences, but McCabe sees this when the unit was rented, she was either barely breakingas more of a delay than anything else. "For a lot of even or taking a financial loss every month. Plus, she said, lifemillennials, they\'ll spend some time in the city in their 20s as a landlord just didn\'t suit her.before they move out to the suburbs," he said. "Maybe the This experience isnt unique to just a few young people heredraw of buying a home kicks in a little bit later. They might and there, according to Richard Green, director and chair ofnot be thinking about building wealth and starting families as University of Southern California\'s Lusk Center for Realyoung." Estate. "If you bought a house in 2003, 2004, 2005, OK, youSo is homeownership still a cornerstone of the American probably at least have equity in your house now," Green said.Dream? Depends on whom you ask. "But you haven\'t substantially increased your equity. In generations past . the equity was just there to buy theAsk economics professor White, and he\'ll say: "The American second house, and people don\'t have that now. And I thinkDream is not about homeownership, but it\'s about upward that\'s probably the most profound lingering impact of themobility. Some people may never buy a house, and yet their crisis."status and income will rise. So it\'s really a matter of choice. It\'s not the be-all and end-all." Dark cloud of debt Another issue that can\'t be overlooked: "Millennials areAsk attorney Goodnow, and he\'ll say: "I think dealing with crushing student debt," attorney and authorhomeownership is part of the American Dream for Goodnow said.millennials, but it\'s no longer the cornerstone of that dream." Indeed, the Federal Reserve Bank of New York reported thatAsk former homeowner Napolitano, and she\'ll say: "I think by the end of 2016, the national student debt had reachedit\'s going to be more about fulfilling the needs of a lifestyle $1.31 trillion, and that 2015 graduates with loans left schooland a desire for a particular type of lifestyle than just a desire with an average of about $34,000 in student debt.to have a house." And even if young people do want to buy a home, said White,In the end, perhaps the most important person to ask is the Rutgers economics professor, "getting a mortgage is noyourself. ITS A WONDERFUL LIFE: LIVE IN CHICAGO!BACKSTAGE GUIDE 17'