While this group were still children, or tweens, during the turbulent economic times 10 years ago, home ownership is still a priority to them. It may, however, seem that factors are stacked against them. This group tends to be well educated and have an entrepreneurial spirit that makes them creative with their money.
But for the millennials, if they want to achieve the American dream, a few critical steps will pave the way to the road to homeownership.
Get a handle on debt. This generation likes the idea of being their own boss, working from home, tele-commuting or starting their own side business while still working full-time. They can be very creative in developing money-making jobs with the Internet and start-ups are often part of their dream job, sometimes using credit cards to finance said businesses, which incurs much debt. Plus much of this generation has student loans they’re still paying off.
Like anyone interested in buying a home, focusing on reducing debt will help prepare them to qualify for a mortgage. When possible, cutting back on major expenses is a good way to start saving for that home.
• Still living with your parents? Save that money that would be spent on rent. It can add up very rapidly.
• Keep your car longer, repairs and maintenance are still cheaper than a car payment.
• Rethink how your cable, satellite, internet connections and how you get your entertainment. This generation is already using their smartphones and cellular data packages to watch TV shows and get the news.
Remember, the more they save, the better prepared they are to achieve the American dream of home ownership.
And remember to contact a REALTOR®, a member of the Lorain County Association of REALTORS® for all of your real estate needs.
Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support. Lorain County offers a wide variety of housing choices.
The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Associations.