Millennials don’t buy houses…
Or DO they??
Millennials haven’t always had the easiest road to home ownership. Many of them graduated college only to find themselves in the midst of a VERY challenging job market. Rising prices and inflation pushed their dreams of home ownership even further away, and many found themselves living at home with family or sharing rent with far too many roommates long after they assumed they’d be out on their own.
But things might be shifting for the much-maligned millennials…
More millennials may finally be able to make the leap to the American dream of home ownership – and it’s not because they cut back on Starbucks and avocado toast!
As millennials move into their mid-30s, things are looking up. As it stands, just over half of the millennial population owns a home, but with the new student loan forgiveness program, that number could be increasing.
Over 60% of people in the millennial age bracket are still paying off their student loans, and that can really cramp their home-buying aspirations. Mortgage lenders are hoping that with the reduction in student loan debt, more and more millennials will have the financial flexibility to become homeowners.
And the shifting market should help, too. Now that the housing market has cooled off a bit, there are more opportunities for millennial homebuyers to purchase their first homes without spending a small fortune. As housing prices drop and more inventory becomes available, the under-40 crowd may have their best shot at buying their dream home in years!
If you’re looking for your first home (no matter how old you are!) I can help. Message me and let me know what you’re looking for in your first home!
