Feb 22 2018 5156 1

Dated: 02/22/2018

Views: 2351

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

Why You Might Want A New Mattress

Why You Might Want A New Mattress When home upgrades are on your to-do list, changing your mattress doesn’t often make the cut. Whether it be budget reasons or just forgetting, getting a new

Read More

Is Tiny Living For You

Is Tiny Living For You? As conservative lifestyles and living ‘small’ becomes more and more popular, tiny homes and other downsized living have become a normal choice in the home buying

Read More

The Pros Cons Of Laminate And Hardwood

The Pros & Cons of Laminate and Hardwood If you are looking to install wood flooring , you will likely be looking at a several thousand dollar investment. When making an investment that large,

Read More

Dallas Real Estate

The market is hot! You want to connect with a savvy REALTOR to make sure your dream home doesn't slip away!Call me! I am happy to!

Read More