Millennial Home Buying Myths Debunked
Millennials are different from other consumers. Their behaviors and priorities are different from Gen Xers, Boomers, and all who came before them. If you're a Millennial, you might be curious to know that there are many myths and rumors around the Millennial home buying process and habits. Knowing the reality of Millennial home buyers can help you decide whether you're ready to enter the real estate market.
Myth 1: Millennials Only Want to Live in the City
Many Millennials start off their professional life living in the city. They're attracted to the city by the job prospects, the convenience, and the quality of life they can enjoy while they're there.
However, when the time comes to have a family, the suburbs naturally start to look more practical. Millennial home buyers are likely to look for their first home in the suburbs where they have access to inexpensive shopping, good schools, and other services.
Myth 2: Student Debt Prevents Millennials from Buying a Home
Student debt can get in the way of buying a home, if it prevents the buyer from saving money. Many Millennials are strapped for cash because of their student debt, but that hasn't stopped them from making home purchases. Budgeting properly makes it possible for Millennials to save the 5% required to make a down payment on a home less than $500,000.
Myth 3: Millennials Want to Be Renters
Millennials rent because it's convenient, but that doesn't mean they'll always want to be renters. Many Millennials are simply saving their money so they can become buyers. In fact, in some cases buying a home is cheaper than renting, because the monthly mortgage payment is less than monthly rent on a home or apartment.
Contact a Real Estate Professional
If you're a Millennial who is thinking about purchasing a Cranston home in the next few months, contact a real estate professional. A good real estate agent can help you decide what needs to be done to get started with a home purchase.