Millennials face more obstacles to home ownership than other generations
Young adults that are 20 to 36 years old make up the biggest share of active buyers in the housing market today. With home prices climbing and low inventory, the American dream of homeownership can seem further out of reach. The intense competition makes it seem like Millennials have more home buying obstacles than any other generation.
The Harris Poll results are in, here’s what they said.
The results are from an online survey posted on behalf of Trulia in April of 2018, taken by 2,026 U.S. adults 18 and over. 86% of Millennials are planning on buying a home. Of that 86% surveyed, 35% plan on buying within the year and 57% have stated they will move forward in the next two years. But, Millennials face more obstacles to home ownership than other generations. When asked if they encountered issues that have delayed these plans 87% of Millennials said yes. According to the survey, only 47% of Baby Boomers and 68% of Gen Xers experienced home buying setbacks. Older generations were able to avoid issues that Millennials now face. 17% of Millenials stated they do not feel their job is stable, and 15% still owe student debt that cripples their ability to qualify.
More Millennials said they would be willing to make sacrifices.
Faced with surging home prices 84% of Millennials surveyed said they would sacrifice some trade-offs in the home and neighborhood in order to make ends meet and get into a home. According to the report on 78% of Gen Xers and 65% of Baby Boomers said they would be willing to make those sacrifices. Most Millennials surveyed stated that although the pressures of home purchasing are more prevalent now, many will continue being optimistic. The level at which they will have to compromise will depend upon how much debt they have at the time of purchase. If you’ve been thinking of purchasing a home, it’s a great idea to start with a quick pre-approval at Bamboo Mortgage Services. We will show you exactly what needs to be done to get you into a home of your own.