NEED TO KNOW
DID YOU KNOW THAT MILLENNIALS (BORN BETWEEN 1981 AND 1997) ARE LESS LIKELY TO BE HOMEOWNERS THAN BABY BOOMERS AND GEN XERS?
How is it that Millennials, the largest generation in US history, seem to be unable to afford to buy their own home?
According to the Urban Institute, 53% of millennials say that they don’t think they can afford a down payment to buy a home.
Here’s the thing that most millennials don’t know, a potential home buyer does not need a large amount for a down payment.
You should know that in all actuality, you can find a 12 percent down payment at most agency mortgage companies and Federal Housing Administration (FHA) loans can be as low as 5 percent or less!
You should also know that you can afford to buy a home by age 35 (or in 15 years) with simple savings.