There’s a stereotype that millennials are skeptical of homeownership because they saw their elders suffer after the 2008 economic meltdown. But millennials have more enthusiasm for homeownership than baby boomers have. That’s according to a survey commissioned by ValueInsured, a company that sells down payment protection.
Amid a series of positive job and consumer confidence report, Millennials’ housing confidence appears to be on the rise. In the past quarter, the Bureau of Labor Statistics, the Conference Board’s Consumer Confidence Index, and report on college graduate job market have given good news to Millennials.
Since the beginning of the housing crisis, it has been a decade of doom and gloom for Millennials. According the ValueInsured Modern Homebuyer Survey, the much-needed confidence upswing for Millennials appears to be been set in motion.
Let’s say you don’t have a rich aunt who’s going to spot you the down payment for a home. And maybe you’ve tapped all the down payment savings hacks you can find. Still, your savings balance is so small you’ve got to squint to see it.
Can you crowdfund your down payment? Maybe get a grant? Here are some online resources to help you clear the biggest hurdle to homeownership...and how to protect your down payment.
Unlike their parents or grandparents, Millennials do not plan to live in the same house for 40 years.
One reason is likely due to a change in personal ideals and mindset. According to the latest ValueInsured Modern Homebuyer Survey, while “owning my own home” remains – just like for their parents – the top personal definition of the American Dream for Millennials, two other popular answers are “having the freedom to pursue opportunities wherever they are” and “being able to move and live wherever I want”.
A second – and related – factor is the reality of the modern job market. According to the latest U.S. Census Bureau data, the average job tenure of a Millennial is 3.0 years, and more than 1 in 5 Millennials moved in 2015.
A third reason ...
As originally appeared on Huffington Post
Despite historically low interest rates and historically high housing prices, the true state of housing can be summed up in a one word: stagnant. It’s status quo. It’s a boring subject. Yet housing remains one of the largest economic drivers in our country accounting for over $1.2T in sales. It’s massive and massively important.
It is often said that the American demographics are rapidly changing, and with that come the shifting demands for homes. According to the latest ValueInsured Modern Homebuyer Survey, a disproportionate number of next-generation modern homebuyers are planning to buy homes for a non-traditional, non-nuclear family household.
With high student loan debts and a tough entry-level job market in recent years, Millennials have been slow to join the first-time homebuyer market. According to the latest U.S. Census released on July 28, 2016, Millennials’ homeownership rate has dropped to the lowest level of its age group in history.
Contrary to generational stereotypes, Millennials’ low home ownership rate does not appear to be the result of a lack of desire or motivation. In the most recent ValueInsured Modern Homebuyer Survey, 76% Millennial non-homeowners say they want to buy a home “now” if they could afford one. 78% say owning a home is a part of their personal American Dream. At the same time, only slightly less than half (47%) feel confident they can afford the down payment to buy a home.
She wants a big kitchen. He’s adamant that a two-car garage is an absolute must-have.
Not a problem, as long as they can find a place fitting those specifications within their price range.
But that last point — how much to pay for a home — is a more complex, and potentially more contentious item on which male and female partners must come to a consensus.
