Feb 22 2018 5156 1

Dated: 02/22/2018

Views: 2305

Image titleMillennials, 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.

 

The Takeaway

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.

Want to Advertise on this Site?

Latest Blog Posts

Deciding To Buy A FixerUpper

Deciding To Buy A Fixer-Upper f you are a fan of HGTV, you have probably seen your fair share of fixer-uppers. TV shows tend to make everything look easy, especially home flipping or updating.

Read More

5 WAYS TO FILL THE SPACE ABOVE YOUR BED

Even if you have a beautiful headboard, the space above your bed can seem empty if left untouched. This space can be tricky to decorate, but that doesn’t mean you should leave it blank.

Read More

Organize Your Junk Drawer

Have you been looking for a budget-friendly way to organize that pesky junk drawer in your home? Instead of heading to the store and spending money on organizers, take a look around your home

Read More

HABITS OF A TIDY HOMEOWNER

We all have that friend whose home seems to be spotless, no matter the time of day. You could swing by for a morning coffee or stop over for dinner, and it always looks like someone just

Read More