May 29, 2015
Millennials aren’t quite hitting the market like their parents did at their age, but there are a number of reasons why they aren’t jumping on the homeownership wagon.
According to a survey by Carrington Mortgage Services in Santa Ana, California, Millennials in the 12 western-most states aren’t entering the housing market because they’re concerned about saving up enough money to afford a down payment. In the Northeast, credit card debt is a major worry. Millennials in the south aren’t quite sure how to start the house-buying process and are also concerned about low credit scores. In the Midwest, student loan debt coupled with credit card debt is what’s preventing them from purchasing a home.