Millennials Forgoing Home Ownership

   General Article

Millennials are the largest generation in United States history and are coming of age at a strange time. Many Millennials were struggling to pursue higher education during the Great Recession, and American families became financially strained. Educational costs have never been higher, and young adults are putting marriage plans on hold for the foreseeable future. These two circumstances have placed what many consider to be the American dream out of reach for so many.

Drowning in Student Loan Debt

The student loan debt bubble in this country is increasing at alarming rates. To be seen as a marketable talent, millennials did and continue to take out student loans to finance educational pursuits. For many of these people, student loan payments take up a considerable amount of money for young household budgets. Fortunately, the real estate market is in a relatively good position for new homeowners. Millennials can turn to businesses like Sun West Mortgage to determine if home ownership is a possibility.

Postponing Wedding Vows

Aside from the woes of student loan debt, Millennials are also getting married much less than older Americans. Newlyweds are generally able to afford mortgage payments due to the combination of two incomes. While Millennials are opting for the bachelor or bachelorette lifestyle, knowledgeable financial firms such as Sun West Mortgage can help planning for a home.

Millennials are digital natives and society changed drastically as this generation entered adulthood. Depending on market forces, many Millennials could be renters for an extended period.