Fifty-two percent of first-time Millennial homebuyers feel financially prepared to buy a home, according to a recent study from Chase Home Lending.
CNBC reports that the study also found that 70% of millennials surveyed said they’d be willing to cut back on extra-curricular activities once a month in order to make a home purchase financially feasible.
To be sure, they are facing increasing hurdles in today’s real estate market. Prices are rising and the number of the homes on the market are shrinking. According to Zillow, starter home prices have increased by 57.3% over the last five years, while inventory has dropped by 23.3%.
They also have things like student loan debt and delayed marriage to thank for the late start. Additionally, older millennials graduated during the last recession and witnessed the housing crisis.