Millennials and the Struggle for Homeownership
– Crystal Vagnier – Select Group – Writer/Editor
The financial landscape is drastically different today for up-and-coming millennial homeowners than for past generations. As it stands for all demographics, the market can be a finicky arena with high prices and low inventory, but the struggles most millennials face when it comes to homeownership is forcing many to rethink their strategies and timeline.
Trulia conducted a survey that found 98% of millennials are finding it difficult to enter the real estate market due to high prices (40% surveyed), credit (26% surveyed), and down payments (31%). To work within these conditions, many are finding themselves compromising on what they want and need. The survey found that 84% would pass on certain home features if it meant they could live in their desired location, features like a modern kitchen and a garage. 89% would also give up neighborhood amenities so they could purchase their ideal home and a startlingly 24% would accept a higher crime rate for their ideal property.
There’s also the 79% of millennials who have put off their home search due a lack of stable income, rising prices, and down payment costs. Despite these setbacks, 86% of millennials are still hopeful they’ll be able to purchase their ideal home in the near future.
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