8 ways American millennials are changing homeownership, from moving to commuter towns to wiping out the starter home
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- Millennials are changing homeownership thanks to financial struggles and rising housing costs.
- Millennials are waiting longer to buy homes and living with their parents or roommates until they can afford a down payment.
- They're also taking new measures to fast-track their path to homeownership, like moving to commuter towns, downsizing, or buying with a significant other.
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Millennials have a lot on their plates.
They're juggling rising living costs, staggering student-loan debt, and efforts to catch up from the recession. As a result of their consequent struggle to save, millennials are delaying major life milestones like getting married and buying a home.
When it comes to the latter, it doesn't help that housing prices have increased - millennials buying their first home today will pay 39% more than baby boomers did at their age, according to Student Loan Hero. Coupled with financial struggles, its causing millennials to change the way homeownership looks in America.
Read more: 13 things rich millennials look for in a luxury home, according to real-estate agents
Buying a house isn't out of the question for millennials, but it can be harder. From moving to commuter towns to living with their parents, here's how millennials are going about buying their homes differently than the generations before them.
Millennials are renting longer and buying homes later.
More millennials are living with roommates because they can't afford rent, let alone a house.
Many millennials also still live with their parents.
In fact, millennials are waiting so long to buy homes that many of them are bypassing the need for a starter home altogether.
Millennial couples are buying homes before getting married.
Millennials are downsizing, shunning baby boomers' large houses.
Millennials are reviving the suburbs, but being more selective than baby boomers about where to live.
And they're not just stopping at the suburbs: Millennials are moving even further out, to the exurbs, for cheaper homes.
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