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Buying a home as a millennial is possible with smart savings strategies.
- $4 are taking longer to save to $4 thanks to a dip in affordability and a rise in $4.
- But buying a home as a $4 is possible - we talked to five $4 to find out how they did it.
- By adhering to a budget, using an assistance program, living rent-free with their parents, or opting for down payments below the standard 20%, they were able to save enough to buy their first home.
$4 - but that's because buying a home is harder than it was for their parents' generation.
$4 buying their first home today will pay 39% more than baby boomers who bought their first home in the 1980s, $4. The value of homes has increased by 73% since the 1960s, when adjusted for inflation.
Housing is also $4 compared to the overall population, who likely have higher incomes from more work experience.
They're also spending more on renting and are busy tackling a record level of $4, which makes it hard to take on a mortgage loan, $4.
As a result, it's taking millennials longer to save. While it's no easy feat, becoming a homeowner is possible. We talked to five millennial homeowners who managed to save enough to buy their first home.
Here, they share the savings strategies and tactics they used to become first-time homebuyers, from house hacking and assistance programs to budgeting and opting for lower down payments, as well as their advice on how to pave your own path toward homeownership.