Homeownership is on the goal list for many young adults, but sometimes it’s hard to know exactly how to get there. From understanding the homebuying process to pre-approval and down payment assistance options, uncertainty along the way can ultimately hold some buyers back.
Today, there are over 75 million Millennials and 67 million Gen Z’ers in the U.S., making up a significant number of both current and soon-to-be homebuyers. According to a recent Fannie Mae survey of more than 2,000 of these individuals:
“88% said they are confident they will achieve homeownership someday.”
In addition, the survey also reveals that for younger generations, the motivation to own a home may be more emotional than financial compared to previous generations:
<50% say they want to use their home as an asset 78% believe it’s the best way live want, without restrictions 80% homeownership is make it on own whether goals come from heart or are driven by financial aspirations (or maybe both), obstacles standing in don’t have bring these dreams a screeching halt. same survey also reveals two key roadblocks for potential buyers. thankfully, they’re both easily overcome with power of knowledge and trusted advisors leading way. here’s look at challenges homebuyers face today: 1. 73% future unaware low-down-payment mortgage options those who purchase home, instrumental affording one sooner rather than later, especially given amount debt many younger adults accumulated. fannie mae notes: “among unprecedented debt, along lack understanding process purchasing power. particular, creates such limited ability save fear taking more debt.” today, there 2,340 down payment assistance programs available nationwide help relieve this pressure. what’s out may buyers become homeowners faster thought possible. year like this, record-low rates making mark history books, being able take advantage opportunity right now essential long-term affordability. 2. 64% expect lenders other real estate professionals educate them about while people love do quick search online find instant answers questions, isn’t only generations consume information build base. mentions, having learn what takes achieve definitely wish list too. bottom line: if you’re aiming someday, be closer reach you think. contact local professional your lender get guidance need happen.
