Homebuying Millennials do exist. While many young adults are putting off homeownership, 35 percent of households led by someone under 35 still own a home.
Time Money spoke with three Millennials that recently purchased a house. The buyers shared how they saved money, what they sacrificed, where they searched, and how it felt to buy a house.
A woman in Nashville bought a $220,000 home with a $8,000 down payment, and for only $100 more a month, she has twice as much living space as her previous apartment. A woman in New Jersey took on a second job as a real estate agent to cover down payment and closing costs. A couple in Austin, Texas, landed their home on their sixth offer.
Despite grand theories about the revolutionary shift in millennial spending, young adults today don't want to eschew housing any more than they want to give up cars, McDonald's, or most other staples of American life. In fact 91% of renters between the ages of 25 and 34 eventually want to own a home, according to a Fannie Mae survey.
Advertisement
Related Stories
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
Market Data + Trends
January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market
A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand
