Millennial Homeowners: How They Did It
For years now, the story told across the media and at dinner tables nationwide has been that millennials do not want to own a home. Further, that they perceive the “American Dream” differently, and homeownership is not necessarily part of that picture. Simply put, this is not true.
As this generation is finishing college and entering the workforce, their paths to homeownership are simply different than it has been in the past. One of the most noticeable differences is their delay in purchasing a home. Many do not do so until their very late 20’s or early 30’s, due to the misperception that they cannot afford a home or they do not have financing options.
And yet, there are plenty of 20-somthings that are being creative in making a mortgage payment work!
- Get an FHA loan! The Federal Housing Administration makes it a lot easier for first time home buyers by substantially dropping the down payment needed.
- Skip the big wedding! Have a smaller reception and use that money for your down payment.
- Get a second job! Buckle down and put in some extra hours in a part-time job for a year or so. Put all that income into a dedicated savings account just for buying house.
- Get a roommate! Depending on the type of loan, your lender may be able to take into account potential rental income. Make sure to check if you would qualify!!
More tips and stories of millennial homeowners: