Downpayments Still a Barrier For Millenial Home Buyers

Millennial Home BuyersWhile a large number of Millennials hope to buy a home in the future, many have some real concerns about a housing price bubble and the affordability of a down payment. That’s according to an online survey by Equation Research and presented as part of the ValueInsured Housing Confidence Index.

The September survey sampled a little more than 1,000 adults ages 18 and older in the U.S., finding that 60-percent of Millennials expect a price bubble within two years, while when it comes to the entire population, its only 47-percent. The survey also found that non-homeowners of Millennial age are particularly nervous about possible instability in the market, with just one-quarter of them confident that a housing crisis like we saw in 2008 won’t happen to them again.

Millennials want the “American Dream”, but on their terms. There’s also the question of cost, while 76-percent of non-homeowners surveyed said they want to buy a home in the future, less than 40-percent believe they can swing the down payment. Some have to deal with student loan debt, which plays a big role in the mortgage process for younger buyers. Despite this, some experts see Millennials as the future of housing, likely playing a major part in improving homeownership rate.

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