Infographic Category Finance

Trying to Buy a Home as a Millennial? Check This Out

By | source: Here Dec 5th, 2016

Buying a house for the first time is a huge step for anyone –– it definitely seems like the pinnacle of #adulting. If you’re a millennial who owns a home, I immediately assume you have your life together.

But home buying isn’t as daunting as it seems. Thanks to an infographic from Visual Capitalist, we have a better idea of how millennials can get white picket fences and manicured lawns.

Millennials associate owning a home with the “American dream” more than any other age group, with 2 in 3 millennials making the association. Most young adults aren’t fans of starter homes, either: Almost 70 percent would rather save up and buy a home that’ll last long-term.

Around 34 percent of Americans under 35 already own a house, although that’s down from a high of 50 percent in the mid 2000s.

Unfortunately, student loan debt can be a huge burden for young homebuyers. In 2016, the average graduate had $37,000 in student debt. There is good news, though: Grants and tax credits can provide a huge help to millennial homebuyers.

Once you buy a home, make sure you check out our tips for saving on your mortgage.

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