Millennials, which is the generation comprised of people born from 1980 to 1998, are buying homes at a much lower rate than previous generations in favor of renting or moving back in with their parents after college. And a large reason they're not buying?
Because they believe they can't afford it. According to data from Apartment List, 72% of millennials say they can't afford to buy a home.
One of the major roadblocks millennials believe stands in their way to homeownership is the down payment. But many millennials are operating with incomplete or incorrect information about how to purchase a home. According to a Fannie Mae survey, 73% of millennials surveyed were unaware of lower down payment options (like the ability to pay 3% to 5% of the home's purchase price instead of the traditional 20%).
These lower down payment options are increasingly common in today's market. According to a recent NerdWallet report, 30% of all homebuyers put down 3% or less when purchasing a home.
If you're a millennial who's holding off on buying a home because you can't save for a 20% down payment, look into lower down payment options. Depending on your financial situation, owning a home may be more economical than renting... and if you go with a lower down payment loan, you won't have to come up with a substantial down payment to make it happen.
Author:HGR LEADS Phone: 214-239-1889 Dated: February 22nd 2018 Views: 1,007 About HGR: ...
Kerry owned and operated a successful business in the Real Estate and home improvement industry for over 35 years while his Father was a East Texas Land Broker. Providing their customers with quality service has always been a very strong commitment in their family.
I enjoy a business built on referrals so I understand accountability. My exceptional customer service and attention to detail is the key to my success.
Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service. When making the type of investment that buying a home requires, you deserve to have all the latest market information and the very best advice, both of which I can provide you with.
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Buying a home is one of the biggest investments you'll ever make. An
"I am writing to express how pleased my wife and I are with our home buying experience. We worked with
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