Are You A Millennial?

Published on May 1, 2018
Are You A Millennial?
By Jose Delgado in Home Buying

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 believes 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.😎

Are you ready to take the next step? Do you have any questions?

I can help you, feel free to message me here or text me at:

📱 (360) 949-3520

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