Millennial Home Buying Myths Debunked

Posted by Unity Home Group® on Thursday, November 29th, 2018 at 7:04am.

What to Know About Millennial Home MythsMillennial home buying myths are rampant in the real estate business. There's a lot of misinformation about whether or not Millennials want to buy homes, can afford to buy homes and are inclined to go about the home-buying process in the traditional way. These three myths are very common but they are just that: myths. Here's the truth about Millennial Indian Springs home buyers.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Myth or Truth?: Millennials Can't Buy Homes Because of Student Debt

Millennials are famously strapped with student debt. Student debt has been ballooning in recent decades, and some Millennials find making payments difficult on their early- to mid-career salaries. Still, Millennials who want to buy a home are able to do so if they can budget properly.

In fact, many Millennials find that if they can save money for a down payment, moving expenses and closing costs, that their resulting mortgage may be less than the money they would spend on rent. Millennials who need help saving their money can get assistance from a financial planner.

Myth or Truth?: Millennials Don't Want To Buy

A lot Millennials are renters. Still, studies show that the vast majority of renters plan to buy a home someday. For many Millennials, renting is just a stepping stone into homeownership. The time spent renting is time spent saving for a down payment, finding a stable job and determining where to buy a home.

Renters who are interested in making the leap into a real estate purchase can do so by checking out listings in their local area and by contacting a real estate professional. Only by investigating the local market can home buyers eventually make the leap into purchasing their first home.

Myth or Truth?: Millennials Don't Use Real Estate Agents

It's also rumored that Millennials have no interest in using real estate agents. Millennials are said to be reliant upon online listings and technology to get them through the home buying process. In reality, many Millennials turn to real estate professionals for assistance with their first home purchase.

If you're a Millennial who is interested in someday buying a home, contact a reputable real estate agent in your area. Your real estate professional can help you get started with the home buying process.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

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