The Millennial Dilemma
In case you haven’t heard the term before, a millennial is someone born anywhere from the early 1980s to the early 2000s. Most millennials have not looked at home buying the way their parents or grandparents have in the past. With the recession fresh in their minds (on top of student loans and other various debt obligations) millennials in general have not been eager to jump on the home ownership train.
Most millennials have heard stories of previous generations buying their first homes in their early twenties. While not impossible, this is not realistic for everyone. As millennials started to graduate college and enter the work force, all they saw was a decline in the real estate market and high unemployment rates. Naturally, this turned a lot of people off of the idea of home ownership.
If you find yourself in the millennial age bracket, and have ever considered buying a home, you are in an even better position than many of your parents or grandparents found themselves. With record low interest rates still available, your home buying ability is more powerful than many previous generations. Considering your home buying power is decreased significantly with every percentage point interest rate that rises, now is the time to buy.
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