Wilbur Ross, billionaire investor spoke with FOX Business Network’s (FBN) David Asman about his thoughts on the housing market. Ross stated “the housing market has turned around.” He went on to discuss the safety of the rental market, attributing it to the fact that young adults are “burden with a lot of student debt” right now and can’t afford to buy. Further, he said that when he got out of school “he had student debt” even though most people during that time didn’t.
Excerpts from the interview are below:
On the housing market:
“The housing market has turned around.”
On why the younger generation is more interested in renting then buying a home:
“I bet they won’t rent for 20 years, but some of the young folks are unfortunately burden with a lot of student debt and that’s a phenomenon that really didn’t exist so much 20 years ago. I had student debt when I got out of school, but most folks did not.”
On how many years it took Wilbur Ross to pay back his student debt:
“No so long.”