This is a sponsored post written by me on behalf of CORT. All opinions are 100% mine.
Owning your own home is usually one of the hallmark’s of becoming an adult. It’s been thrown around many times that millennials, those born between 1981 and 1997, aren’t interested in home ownership. But, this might just be misconceptions or myths. The National Association of Realtors (NAR) has done the research, and they’ve found this generation is just delaying home ownership by about five years.
Myth 1: Millennial Home Ownership Rates Have Declined
NAR has found that millennials ages 36 and under are actually the largest generation of home buyers for the fourth consecutive year according to the NAR’s 2017 Home Buyer and Seller Generational Trends Report.
Myth 2: Millennials Don’t Want to Own a Home
According to the 2017 Bank of America Homebuyer Insights Report nearly one in four prospective millennial buyers sees home ownership as a goal and hopes to purchase their first home within the next two years. It says that they view home ownership as a financial investment that’s just taking longer to achieve, and they see it as a mark of adulthood.
Myth 3: Millennials Want to Live with Their Parents
My oldest daughter is on the cusp of the millennial generation and I can tell you this is certainly a myth among all of her friends. They are all ready to get out from under their parents. But, even though a higher percentage of millennials live with their parents, it’s also a way they can save money for buying a home and skip renting.
With low wages, younger millennials are saving very slowly for that down payment, which is why they are delaying home ownership.
Myth 4: Millennials Can’t Save for a Down Payment
Financial anxiety is real for anyone in this day, but especially for millennials who come into the job market with school loans and poor credit. One lender, loanDepot, conducted a survey and found that although more than half of millennials are motivated to buy a home and stop renting, its financial fear that holds them back — about getting a down payment and the whole home buying process. However, there are many programs available to first time home buyers that can help millennials.
Myth 5: Millennials Prefer Urban Rentals
This is one of the biggest myths I’ve seen — that millennials want to be free by renting in more urban areas. But, with many millennials in their 30s with school-age children, they are looking for good schools in prime suburban areas.
There are some differences in millennials versus Gen X’ers in home buying. Millennials have been shown to prefer smaller homes. According to Elle Decor, they also prefer to rent furniture instead of blowing their budgets on roomfuls of furniture and appliances, even as homeowners. Renting furniture and home goods lets them ease their worries about spending large amounts of money at one time. Check out these Expert Tips for Decorating on a Budget and Outfitting Your Entire Home.