Homeownership Top Milestone for These Buyers

April 18, 2019
Many Millennials are putting their first home purchase ahead of other life milestones like getting married and starting a family, despite ongoing affordability pressures. 
Photo: Cole Keister/Unsplash

Many Millennials are putting their first home purchase ahead of other life milestones like getting married and starting a family, despite ongoing affordability pressures. 

Recent survey data from LendingTree show that about 27 percent of Millennials want to own a home before having children, and 22 percent want to be homeowners before adopting a pet. The financial service marketplace's chief economist Tendayi Kapfidze tells Realtor.com,  "Some folks like to be very prepared for things ... and reduce the uncertainty," adding, "People want stability when they have children, and one of the ways you have that stability is by owning a home."

Other big findings: 43 percent of respondents who are first-time home buyers, of all ages, are single; about a quarter have lousy credit; and the overwhelming majority, 79 percent, are in debt.

"People are getting married at later ages or are separated or divorced," says Kapfidze. But he wasn't terribly worried about the debt—provided it's not too high and is being managed responsibly.

"The majority of people are in debt. If you own a car and you have a car note, you're in debt. Even if you lease your car, you're in debt."

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