As the biggest generation to populate the United States, Millennials (Gen Y) are also the generation to face obstacles related to whopping student debt, high unemployment and stiff credit.
According to Lucy Miller from Forbes, “That’s why Gen Y is either thanked or scolded for most major market moves. A year ago, millennials were ‘dragging down home ownership’; this year we’ll ‘make it easier for you to buy a house.’ Either way, as the older tier of the generation rounds into their early 30s, millennial homeowners are turning out more than ever before.”
Student debt may be a factor to owning a home, but millennials aren’t treating it that way. According to the article, Why Millennials are Better at Home Buying than You, Millennial homeowners are saddled with obstacles no previous generation has had to face. This includes an average student loan debt per borrower that’s both monstrous and unprecedented.
The increase in student debt has impacted this generation to make decisions differently in their life. For instance, marriage and starting a family have been placed on the back burner. Bringing careers and the emphasis on earning to the forefront.
Mortgage Vs Marriage
Careers as the main focal point helps establish a step in a new direction. That is,allowing this generation to help save for a mortgage instead of marriage. A recent Redfin study found that 38 percent of millennials have or would delay a wedding or honeymoon in order to buy a home. Millennial home buyers now have the opportunity to start growing their family in a new home with savings from establishing a career first.
At D.R. Horton, we want to help you put value with your savings with the National Red Tag Event. Make sure that you don’t miss finding your starter home with D.R. Horton by contacting a local division in your area.
Leave a comment below and tell us how you overcame obstacles to become a new home buyer.