Millennials and home ownership

| Oct 13, 2017 | residential real estate

Many millennials living in Florida and around the country are struggling to find ways to buy a home. While this generation may seem to be taking its time in becoming homeowners, it turns out that there are multiple factors making it difficult for them to afford real estate of their own.

Many experts have pointed out that real estate costs are on the increase. This makes it more difficult to both qualify for a mortgage as well as save up for a down payment. In fact, 21 percent of millennials who do buy a home are only able to put down the minimum payment required to qualify for a home loan. Some potential home buyers may be wary of putting down such a small amount.

Another factor is the baby boomers. This generation has shown a tendency to stay put in their homes, neither downsizing or upgrading. Many are also living longer and remaining more independent than previous generations, so there aren’t as many people in this age group moving into nursing homes or in with their children.

Nonetheless, a survey shows that 49 percent of the millennials do count home ownership as being part of achieving the “American dream.” Some financial professionals also believe that millennials can take the time to educate themselves regarding personal finance and real estate options so that they can begin a strategy for eventually purchasing a home of their own.

Potential home buyers may benefit from speaking with an experienced real estate attorney at the beginning of their search. Once a choice has been made, the attorney can review the purchase contract terms as well as those of other documents that will be signed at the closing.