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: 788 About HGR: ...
Thank you for taking part in the Halo experience. Our plan is simple--Learn--Work--Share. This is the motto we use when serving our clients, our agents, and most importantly our community.
I have had the pleasure of practicing real estate in the DFW area since 2002. That's not where I started to learn about the business. I first learned real estate with a paint brush in my hand at the ripe old age of ten years old. I was lucky enough to experience firsthand "sweat equity" while working with my father, mother and little sister to help restore rental property in Southern California. What started as fond family memories of my youth turned into a love of an industry, and a passion for the people I found there. I truly believe that our prime purpose as a real estate propfessional is to learn from, serve tirelessly, and share advice with the PEOPLE who are living in the homes we sell.
Our Halo Agents share that passion for people as well. We serve our clients using the latest technology, years of industry experience, and proven systems for success. You may have read about Halo's success in Forbes Magazine, Texas Monthly, D Magazine, the Dallas Business Journal among others. Built on a firm foundation of belief in service and strong business practices, Halo Group Realty is one of the fastest growing real estate brands in the country.
Buying a home is one of the biggest investments you'll ever make. An
"Britt Morris is an expert in the market, and was able to guide the process or both buying and selling a house, navigating rates and pricing and is a great advocate on our behalf. He was responsive and his office was on the ball every step of the way. We have known and used Britt before and will continue to every time. He makes a difficult process as easy as possible, and adds levity when needed. We appreciate his time and dedication to our transactions (and Jenny) and refer him to everyone we know."