Who are the millennials you ask? This generation is those that were born in the early 80’s through the early 2000’s. Apartment List surveyed 24,000 millennials regarding when they were wanting to buy a home. 27% of those surveyed said they were wanting to buy a home but not for probably 6 years. This percentage is up year over year by 4%. Also, 67% thought that think they will buy a home in the next 3 years. Why is this?
Many millennials having a lot of education debt to pay off and therefore they are not being able to save for a down payment. Also, for many being able to afford the monthly payment is an obstacle for them. Being we have many large cities that are attracting millennials (like Silicon Valley, NYC etc), these cities are certainly not CHEAP to live in, let alone purchase a home. Years and years ago, you graduated from high school and jumped into having a family, therefore buying a home was part of that equation much much earlier. Many of the younger generation is first focused on education, then career, THEN family. Either way, whatever generation you are, there is nothing more gratifying than having your own home AND these days there are lots of programs for those that want to buy where they have to put little or no down payment down.