{"id":3420,"date":"2023-11-22T10:20:53","date_gmt":"2023-11-22T15:20:53","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3420"},"modified":"2024-04-25T23:17:04","modified_gmt":"2024-04-26T03:17:04","slug":"home-buying-today-for-millennials","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/home-buying-today-for-millennials\/","title":{"rendered":"Home Buying Today, for Millennials"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"478\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/home-buying-today-for-millennials-1024x478.jpg\" alt=\"\" class=\"wp-image-3421\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/home-buying-today-for-millennials-1024x478.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/home-buying-today-for-millennials-300x140.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/home-buying-today-for-millennials-768x358.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/home-buying-today-for-millennials.jpg 1426w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Millennials now range in age from their late 20s to early 40s. Most of the ones who can buy homes are getting to the older edge of that range.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They need more money than buyers of the past. Maybe that\u2019s why they\u2019re waiting until later in life to buy. In short, this generation\u2019s home buying challenges really are unique.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Who\u2019s Keeping Track?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">the National Association of Realtors (NAR) has published its annual buyer and seller stats. And the typical first-time buyer is now a 35-year-old millennial.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Boomers recall the days, back in the early 1980s, when mortgage interest was priced at 18%. But homes weren\u2019t as pricey back then, and buyers were able to refinance later, after the steady slide downward for rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of the most startling stats today involves the first-time buyer\u2019s income. The typical buyer earns $96K. And to get even a very modest home in most markets today, the first-time buyer needs to earn about $64K. That\u2019s up about 13% from a year ago. Talk about inflation!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NAR has found:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>About half of first-time buyers aren\u2019t married.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most first-time buyers don\u2019t have kids.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>About a fourth of them used borrowed or <a href=\"https:\/\/www.deeds.com\/articles\/funding-your-mortgage-gifts-and-gift-letters\/\">gifted cash<\/a> for the down payment.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Evidently, millennials don\u2019t like being sidelined. They\u2019re struggling hard to get homes, even though mortgage rates and home prices both off-putting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">First-Time Buyers in Their 30s and 40s Are the New Normal.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s not you. Real estate has become terribly hard to buy. It\u2019s becoming ever harder to find homes priced under $300K. Inflation in the sector has outpaced people\u2019s incomes. The days when people in their twenties were expecting to buy homes are now a memory from our parents\u2019 generation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, twenty-somethings are just doing their best to save. Not easy for those with student loans and rising rents. Millennials have relatively higher levels of personal and student-loan debt. It might be different if there were well-situated niches to look for affordable homes. But cheap \u201cstarter homes\u201d don\u2019t seem to be a thing any more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rates have headed upward \u2014 close to 8%. High interest rates mean heavy monthly payment burdens, and much more debt over the course of a mortgage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In turn, <a href=\"https:\/\/www.deeds.com\/articles\/frustrated-home-buyer-its-not-you-affordability-is-the-worst-its-been-in-a-century\/\">hopeful buyers face higher hurdles<\/a> to qualify for loans and succeed in the market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Young Buyers Unready to Buy in 2020-2021 Missed Out.<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"327\" height=\"490\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/young-buyers-unready-to-buy-in-2022-missed-out.jpg\" alt=\"\" class=\"wp-image-3423\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/young-buyers-unready-to-buy-in-2022-missed-out.jpg 327w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/young-buyers-unready-to-buy-in-2022-missed-out-200x300.jpg 200w\" sizes=\"auto, (max-width: 327px) 100vw, 327px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Nobody likes high mortgage rates. But who\u2019s bearing most of the pain? Millennials. Remember that many of them (especially younger millennials) weren\u2019t ready to win loan approvals during the time of super-low interest rates following the Covid-19 lockdown period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If they were still saving up at that time, they missed out on more than the mortgages. They missed the available listings themselves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And now, where are all the listings? Homeowners are holding fast to their deeds. Why sell now, they might ask? Redfin says four out of every five homeowners are paying interest rates under 5%. Who wants to buy something else when interest rates are substantially higher?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, that\u2019s why homeowners are staying put after financing real estate in the 2020-2021 rush.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And that\u2019s also why people who hadn\u2019t yet bought a home in low-interest times are in a jam now, even if they\u2019ve managed to keep saving. The bar got higher. Monthly mortgage statements now add up to several hundred dollars more than they did just two or three years back.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">When All Else Fails\u2026Some Young Adults Go for Potential Crypto Gains.<\/h2>\n\n\n\n<figure class=\"wp-block-image alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"278\" height=\"418\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/when-all-else-fails.jpg\" alt=\"\" class=\"wp-image-3422\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/when-all-else-fails.jpg 278w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/11\/when-all-else-fails-200x300.jpg 200w\" sizes=\"auto, (max-width: 278px) 100vw, 278px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Some young adults have taken the plunge into bitcoin and other cryptocurrencies, hoping to make the best of the latest surge in digital asset values. And that\u2019s another unique, generational difference. Boomers \u2014 at least those in the early part of the generation \u2014 weren\u2019t investing in crypto to buy their homes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But people under 40 make up nearly 94% of cryptocurrency buyers. A striking statistic? Yes, but young adults\u2019 appetite for risk makes sense when going to school and following all the right financial advice isn\u2019t enough.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">People with high debt and FICO scores at the lower end of the scale are especially interested in buying cryptocurrency. They might think taking high-risk choices (investing in bitcoin, options trading, and so forth) is one possible way to build their lives. &nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Their situation doesn\u2019t quite seem fair. And maybe that\u2019s why Sam Altman (founder of the famous ChatGPT company Open AI; now working for Microsoft) insisted digital currency ought to be adopted as a form of universal basic income \u2014 a.k.a. <a href=\"https:\/\/www.cnbc.com\/2021\/03\/30\/openai-ceo-sam-altman-says-ai-could-pay-for-ubi-experts-disagree.html\" target=\"_blank\" rel=\"noreferrer noopener\">free cash handouts<\/a>. Digital assets could lift everyone up at once, without leaving people to struggle. At least that\u2019s the idea behind Altman\u2019s company Tools for Humanity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Should Millennials Do Now, If Buying Is Still Not Feasible?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Each person is in a specific position and has unique future plans and dreams. So, the answers will vary. But for those feeling ready to throw in the towel, here are some points to ponder.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, the bad news. Goldman Sachs researchers think mortgage interest will be high in 2024, too. A lot of people who are holding onto deeds won\u2019t be giving them up for a while.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But hopeful buyers can take heart, as markets are local. When the overall situation looks bleak, caring, local professionals can be extremely helpful. Search, too, for companies offering special low mortgage rates at this time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s always worth remembering that ownership puts inflation on the buyer\u2019s side. Inflation sends real estate (and rent) prices higher, but a fixed-rate mortgage doesn\u2019t go up. Taxes and homeowners\u2019 insurance might rise, but renters wind up covering that too. It\u2019s a buyer who gets an asset that appreciates in value. And the earlier in life a purchase is made, the earlier the mortgage will likely be paid off. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, a home continues to be <em>the <\/em>key asset for most people. In every generation, owning a home is one thing people will struggle for.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Sydney Lake for <em>Fortune Magazine<\/em> (part of Fortune Media IP Limited), republished by <em>Yahoo Finance<\/em>: <a href=\"https:\/\/finance.yahoo.com\/news\/isn-t-parents-first-time-225642686.html\" target=\"_blank\" rel=\"noreferrer noopener\">This Isn\u2019t Your Parents\u2019 First-Time Homebuyer: More Millennials Are Breaking Into the Housing Market, But They\u2019re Older Than Boomers Were and Need to Earn a Lot More Money<\/a> (Nov. 14, 2023; citing data from the National Association of <em>REALTORS\u00ae<\/em> and the <em>Berkeley Economic Review<\/em>).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Alena Botros for <em>Fortune<\/em>, via <em>Yahoo Finance<\/em>: <a href=\"https:\/\/fortune.com\/2023\/10\/26\/millennials-screwed-boomers-won-housing-market-bank-of-america-mortgage-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\">Boomers Won the Housing Market and Millennials Got Screwed, Bank of America Says. \u201cEveryone Locked in 3% Mortgage Rates, Except Millennials<\/a>\u201d (Oct. 26, 2023). Also see Bethan Moorcraft for <em>Moneywise<\/em>, via <em>Yahoo Finance<\/em>: \u201c<a href=\"https:\/\/finance.yahoo.com\/news\/everyone-locked-3-mortgages-except-123000096.html\" target=\"_blank\" rel=\"noreferrer noopener\">Everyone Locked in 3% Mortgages Except Millennials\u201d: Bank of America Data Shows This Generation Is Feeling the Worst of Elevated Interest Rates<\/a> (Nov. 19, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Frank Gogol for the <em>Stilt.com Blog<\/em>: <a href=\"https:\/\/www.stilt.com\/blog\/2021\/03\/vast-majority-crypto-buyers-millennials-gen-z\/\" target=\"_blank\" rel=\"noreferrer noopener\">Study: 94% of Crypto Buyers Are Gen Z\/Millennial, But Gen X Is Outspending Them<\/a> (updated on June 19, 2023; based on data collected from Stilt applicants in 2020 and 2021 and prepared by Rohit Mittal, using sources described in the article).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><em>Deeds.com<\/em>: \u201c<a href=\"https:\/\/www.deeds.com\/articles\/mortgage-companies-are-desperate-whats-next-for-homes-and-mortgages-in-2024\/\">Mortgage Companies Are Desperate\u201d: What\u2019s Next for Homes and Mortgages in 2024<\/a>? (Oct. 30, 2024).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><em>Deeds.com<\/em>: <a href=\"https:\/\/www.deeds.com\/articles\/holding-low-interest-loans-many-homeowners-are-too-comfortable-to-move\/\">Holding Low-Interest Loans, Many Homeowners Are Too Comfortable to Move<\/a> (May 31, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">And as linked.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\"><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/are-millennials-really-supercharging-the-real-estate-market\/\">Millennial buyers<\/a><strong>, <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/boomer-buyers-are-still-beating-out-millennials\/\">Millennials v. boomers<\/a><\/h3>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/happy-young-asian-lady-smiling-and-riding-bike-on-street-5226617\/\" target=\"_blank\" rel=\"noreferrer noopener\">Samson Katt<\/a>, <a href=\"https:\/\/www.pexels.com\/photo\/housewife-dancing-while-mopping-floor-at-home-7513170\/\" target=\"_blank\" rel=\"noreferrer noopener\">Shvets Production<\/a>, and <a href=\"https:\/\/www.pexels.com\/photo\/people-in-colorful-outfits-8074607\/\" target=\"_blank\" rel=\"noreferrer noopener\">Anastasia Shuraeva<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millennials now range in age from their late 20s to early 40s. Most of the ones who can buy homes are getting to the older edge of that range. They need more money than buyers of the past. Maybe that\u2019s why they\u2019re waiting until later in life to buy. In short, this generation\u2019s home buying [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[131],"tags":[628,625,627,324,329,626,624,140,179,404],"class_list":["post-3420","post","type-post","status-publish","format-standard","hentry","category-real-estate","tag-economic-factors","tag-financial-challenges","tag-first-time-home-buyers","tag-home-buying","tag-housing-market","tag-millennial-homeownership","tag-millennials","tag-mortgage-rates","tag-real-estate","tag-real-estate-trends"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Buying Today, for Millennials - Deeds.com<\/title>\n<meta name=\"description\" content=\"Explore the unique challenges millennials face in today&#039;s real estate market. 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