Millennials and Homebuying 6/26/2017

What do Millennials think about when buying a home? ?Here are some fact from a recent study:

  • Almost 50% of millennials are unsure what loan product they need when looking to buy a home. They need a good loan officer and real estate agent to guide them.
  • Most have misconceptions about down payment requirements. ?More than half (53%) say they haven’t purchased yet because they don’t have a down payment. ?They don’t realize there are low and zero down payment options available.
  • They see home ownership as a measure of personal success. ?Most feel they should own a home before the age of 30, and half feel they should achieve this goal before age 25.
  • Millennials trust financial advice from their parents most when buying a home. ?80% said they trusted their parents to provide them accurate information during the home loan process.