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.
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.