For many millennials, the goal of owning a home feels impossible, or very far off. Salaries that have not grown with the cost of living, new mortgage rules, unstable housing markets and not having the savings for a down payment – have made buying a home more difficult than ever for young people.
Many who find themselves in that position are trying to reach their home ownership goals with second and even third jobs in order to save money. Some are moving to smaller towns where housing is less expensive, some are living with Mom and Dad in order to save on throwing their salary away on rent.
Some of the discrepancy comes from the fact that millennials do not fully understand how expensive real estate has become, or just how high down payments are. In order to make buying a realistic plan, most millennials will have to start saving a lot more. Unfortunately, most are eyeing short-term goals with the saving they do have. However, if owning a property matters enough to them, they may be able to make their home buying dreams come to life.