Millennial Home Buying
No matter your age, homeownership is a common goal for people across the globe. Often, people (most commonly millennials) struggle to comprehend how they will be able to afford a home. At GuardHill, we advise our clients on the best practices before purchasing a home and help turn homeownership dreams into a reality.
Millennial Home Buying Trends
Motivation to invest early
Today, millennials are not necessarily waiting to purchase their first home until they get married and have children. Instead, millennials see buying a home as an excellent financial investment, especially with the ability to make minor home improvements along the way to improve the home’s value.
Desire for a low down payment loan program
Saving for a down payment is the primary concern among the younger generation of home buyers due to increasing student debt. FHA loans are becoming increasingly popular among millennials because FHA loans allow for a smaller down payment. Having the ability to put a more modest down payment on a house may help you balance between saving for a down payment and paying off debts.
Plans to move to more suburban areas
Many millennials today realize they can get more bang for their buck outside of the central city area. Venturing a few miles outside of the city center can get you more space, greenery, and community amenities.
Willingness to put in sweat equity
Many millennial homebuyers are more motivated to put in manual labor to make minor home improvements. With the rise in technology, tutorial videos and other resources are more accessible than ever, making it easier to learn new skills on your own time.