Facebook_pixel
  1. Return to Articles
🏠 Discover Millennial House-Shopping Habits with The Best Mortgage Management Apps

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:
  • 1 ranking-icon-1
    Advanced Mortgage Calculator with Graphs and Charts
    4.7 Ratings 7K+ Reviews 1M+ Downloads
    Free Editor's Choice
    Free
    Free

    Loading...

  • 2 ranking-icon-2
    Advanced Mortgage Calculator with Taxes, Insurance, PMI, HOA & Extra Payments
    4.6 Ratings 1K+ Reviews 100K+ Downloads
    Free
    Free
    Free

    Loading...

  • 3 ranking-icon-3
    Access affordability and mortgage calculators, mortgage rates & local lenders.
    4.7 Ratings 41K+ Reviews 1M+ Downloads
    Free Editor's Choice
    Free
    Free

    Loading...

  • 4
    Mortgage Calculator to calculate mortgage and loan payments.
    4.5 Ratings 3K+ Reviews 100K+ Downloads
    Free
    Free

    Loading...

  • 5
    Manage and keep track of your home loan payoff progress.
    3.9 Ratings 127+ Reviews 10K+ Downloads
    Free
    Free
    Free In-App Purchases

    Loading...

  • 6
    Calculate Mortgage Loan Payment or Affordable Price for a Home/House Purchase.
    4.6 Ratings 172+ Reviews 10K+ Downloads
    Free
    Free

    Loading...

  • 7
    An easy-to-use tool to estimate payment, affordability and refinance opportunity
    4.2 Ratings 758+ Reviews 50K+ Downloads
    Free In App Purchases
    Free In-App Purchases

    Loading...

  • 8
    Track budget, bills, credit, & accounts. Get personalized finance tips, insights
    4.8 Ratings 44K+ Reviews 500K+ Downloads
    Free Fresh Editor's Choice
    Free
    Free

    Loading...

  • 9
    Calculate Payments, Get Pre-Approved, Upload Docs, Connect with a Loan Officer
    4.6 Ratings 100+ Reviews 10K+ Downloads
    Free
    Free
    Free

    Loading...

  • 10
    The most complete financial Calculators which can both save and make you money.
    4.5 Ratings 21K+ Reviews 5M+ Downloads
    Free Editor's Choice
    Free
    $4.99

    Loading...

Comment

Expiring soon! Don’t forget your exclusive offer.

24
00
00
24
00
00
Go To your e-mail