Millennials, 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.
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.
Author:HGR LEADS Phone: 214-239-1889 Dated: February 22nd 2018 Views: 1,448 About HGR: ...
Buying or selling a home is one of life’s most important investments. As a real estate professional, I am dedicated to protect your best interest and ensuring you make the best of every opportunity. I want to bring out the excitement of buying or selling your home! When it comes to buying or selling a home, it pays to have the right information so you can make informed real estate decisions for you and your family. That’s why I can help. As being born and raised in the Fort Worth area and a resident for over 20 years in Tarrant County, I know the market and the changes that occur in the area. With my knowledge of the Fort Worth area and surrounding cities, my creative marketing strategies, attention to detail and proven commitment to you, I offer my clients a high standard of service.
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Born and raised in Tarrant County, I’m very familiar with the market. I have made the best out of every opportunity. Having graduated from the University of Texas at Arlington and majoring in Speech Communication with a minor in education, I graduated KAPPA DELTA PHI (National Honors Society for Education). I was an educator and taught school in the Fort Worth area for almost a decade. Pursuing another passion of mine I had was to go into advertising where I have applied my marketing skills to help both small and large businesses grow and expand. I’ve assisted businesses in marketing strategies to help them become successful. My experience has created a solid foundation for my real estate profession. When working with sellers I understand the importance of marketing each property effectively. It has given me the experience to know how to market and know what works. This has allowed me to have the success I have had as a realtor.
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