Presently, it comes as no surprise it has become more difficult for the younger generation to be able to own their homes. In the past, many Americans can easily afford to buy homes before the age of 30. Unfortunately, the same cannot be said about many millennials.
A staggering three million people can’t buy a home, primarily to a scarcity of access, or the lack thereof, to the housing market. The percentage of millennials who have yet to own homes have now reached record-level lows.
Reasons cited for phenomenon
There are many reasons mentioned for this, and one of them is that it is out of their reach. A news report tagged student loans as one culprit. Millennials pay for student loans long after they have graduated from universities and this impedes their capacity to save up for a house.
The current market has also made it even more difficult for them, as the prices are greatly increasing. This affects everyone, not only millennials. That is just one of the lingering effects of the economic recession the US had faced in the past ten years.
Ways millennials can afford a house
Thankfully, there are ways that anyone, especially the younger generation, can afford their own humble abodes. The first tip may be obvious, but you will need discipline on this one. It may be necessary for you to cut down on expenses and make room for savings.
For instance, doing away with subscriptions you do not use or do not maximize is a good way to free up some cash to put in the bank for your down payment. Or if you have little saved, you can also look for lenders with low mortgage rates here in Utah, or those who have low down payment schemes.
As with any generation, being smart with money and having some help on financing can go a long way. Break the stereotype barrier and own your first home now.