Property Rights Law Firm, P.A.

Why millennials struggle to afford homes

| May 31, 2017 | residential real estate

Millennials in Florida and throughout country would like to buy a house, but they don’t seem to be able to afford it right now. That was the takeaway from a survey conducted by Apartment List. It found that 70 percent of millennials who responded had less than $1,000 saved to put a down payment on a house.

It also found that less than 30 percent of those between the ages of 25 and 34 could put a 10 percent down payment on a house in the next three years. Only 15 percent could put that same amount down in the next year. Of those who are between 25 and 34, most said that they don’t save money regularly each month. Of those between 18 and 34 who responded to the survey, 40 percent said that they don’t save money at all.

Affordability is also an issue for those classified as Generation Y. While 80 percent of respondents said that they would like to buy a home, 72 percent said that they couldn’t afford to. However, both millennials and members of Generation Y hoped to get financial help from parents or other relatives. Researchers say that it is encouraging that younger people are thinking about buying a home even if they can’t afford to at the moment.

People who are looking to buy residential real estate may wish to do so with the help of legal counsel. Attorneys may be able to help explain the terms of a contract before it is signed. This may prevent people from signing a contract that goes against their interest.

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