Wealth Building Way has published a new guide for millennials exploring financial strategies for homeownership.
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The latest guide delves into the challenges of millennial homeownership, listing student debt, recession, and the COVID-19 pandemic as three contributing factors. According to data published by Forbes, millennials represented just 28% of all homebuyers in the period July 2021 - June 2022, largely due to their inability to save for a down payment. In its guide, Wealth Building Way explores the factors affecting homeownership affordability and offers strategies for affecting change.
For more details, please visit https://wealthbuildingway.com/can-millennials-really-afford-to-buy-a-home-exploring-financial-strategies-for-homeownership/
Wealth Building Way says that almost 70% of millennials are now priced out of homeownership due to rising house prices. Together with an increasingly competitive job market and stagnant wages, millennials are finding it more difficult than ever to accumulate enough savings for a down payment.
As explained in the guide, there are many social influences at play when deciding to purchase a home. For example, societal expectations and peer pressure from friends and family can often push millennials into home ownership against their will. “Millennials must keep their goals, financial stability, and long-term plans in mind, says Wealth Building Way. “They should not be swayed solely by external influences or societal norms.”
The guide moves on to share affordability strategies for millennials resolved on home ownership. For help with down payments, readers are advised to research various financing options, such as government-backed FHA loans.
With many millennials struggling to pay the traditional 20% deposit, Wealth Building Way explores the pros and cons of a lower down payment. “By opting for a lower down payment, millennials can enter the housing market sooner, but they may incur additional costs like PMI, generally ranging between 0.5% and 1.5% of a home’s value.”
Another recommendation listed in the guide is to consider the trade-off between location and affordability. Although urban living is the first choice for many, moving to a suburban area is often more affordable. Similarly, millennials might consider purchasing non-traditional homes, such as ‘fixer-uppers’ or ‘tiny homes’ to lower upfront costs.
Within the guide, readers can also find tips for building a higher credit score, which typically results in lower interest rates and down payment requirements. Advice includes prompt payment of bills, paying off outstanding debt and using a lower percentage of available credit funds.
Interested parties can find more information by visiting https://wealthbuildingway.com/can-millennials-really-afford-to-buy-a-home-exploring-financial-strategies-for-homeownership/
Contact Info:
Name: Robert O’Neill
Email: Send Email
Organization: Wealth Building Way
Address: 16238 Highway 620 N Suite F-104.b, Austin, TX 78717, United States
Phone: +1-512-677-7448
Website: https://wealthbuildingway.com/
Source: NewsNetwork
Release ID: 89123409
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