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Millennials are the biggest living generation in the US and are often described as irresponsible which reflects on becoming independent and starting families.
But is the young generation really as media pictures them to be? Recent research shows owning a home is higher on their wishlist than getting a tattoo for example.
So what's stopping them from purchasing a house? We bring you three reasons millennials in comparison to older generations are having a somewhat hard time when buying homes.
1. Student Debts Are Higher
In the early '90s, when taking into account the general increase in prices, average student debt was $16,000. Today, it's $30,000.
Thus, there's a stunning 32% less chance for a millennial with student debt to buy a house than millennials without one.
This means they have to save much longer and thus move into one much later.
2. Getting Married Later
Another interesting statistic is that in 1967 around 80% of people aged 25 to 34 were married. In 2018, that percentage was less than 60%.
People like to buy a house once they start a family and because of the shift, the delay boosts.
Instead of moving into their own family house, they stay in the one built by their parents waiting for the mysterious "right moment".
3. Buying Later but Better
Luckily, as we move forward, millennials are gaining financial power to shake off the chains.
Although unlike older generations, millennials are renting or living with parents longer, they are buying much nicer homes.
Previously, a person would buy a "starting home" and then move up, but the current generation is skipping the first step. So not all is gloomy for the brave millennials.
The conclusion is that millennials are facing larger problems, but they are also thinking more rationally.
Sadly, this combination can result in overthinking and never moving away from the starting point aka family's basement.
Buying a house is harder today, but thanks to technology like The Best 10 Apps for Mortgage Management, getting those keys might become more than just a dream.Check below:
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