{"id":903,"date":"2021-11-18T11:31:26","date_gmt":"2021-11-18T11:31:26","guid":{"rendered":"http:\/\/staging.jillteam.com\/blog\/?p=903"},"modified":"2025-05-19T07:21:36","modified_gmt":"2025-05-19T07:21:36","slug":"why-buying-home-for-millennials-is-more-difficult-when-compared-to-their-elders","status":"publish","type":"post","link":"https:\/\/staging.jillteam.com\/blog\/why-buying-home-for-millennials-is-more-difficult-when-compared-to-their-elders\/","title":{"rendered":"Why Buying Home for Millennials is More Difficult When Compared to Their Elders"},"content":{"rendered":"

According to the Urban Institute\u2019s \u201cMillennial Homeownership<\/a>\u201d report, when baby boomers and Gen Xers were of present day millennials\u2019 age, millennials\u2019 homeownership rate is 8 percentage points lower. This implies that buying homes is more difficult for an average millennial than it was for their elders.<\/p>\n

<\/h4>\n

In the history of the U.S., millennials are the most educated generation thus far. On the flip side, student loan debt creates a hurdle in saving for down payments. The likelihood of a person to buy a home decreases with even a 1% growth in his\/her student loan debt, according to the Urban Institute\u2019s research. If we make the comparison of median amount of debt, an average millennial holds $19,000. The average debt that Gen Xers had at the same age was $12,800 less.<\/p>\n

<\/h4>\n

When a person spends more than 30% of his\/her income on housing, that person is rent burdened. Numerous millennials are rent burdened, as they rent for longer periods, compared to their elders. Higher housing expenses don\u2019t help either. This makes renting another contributing factor to millennials\u2019 difficulty in transitioning into homeownership.<\/p>\n

<\/h4>\n

Delayed marriage is another possible causative factor behind their decreased probability of home buying.<\/p>\n

The present trend of\u00a0remote work<\/a>\u00a0can be a silver lining, as it may push the need for transitioning into homeownership among millennials. Down payment assistance can help them with home buying, despite the higher prices of homes in suburban areas.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the Urban Institute\u2019s \u201cMillennial Homeownership\u201d report, when baby boomers and Gen Xers were of present day millennials\u2019 age, millennials\u2019 homeownership rate is 8 percentage points lower. This implies that buying homes is more difficult for an average millennial than it was for their elders. In the history of the U.S., millennials are the […]<\/p>\n","protected":false},"author":1,"featured_media":904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[128],"tags":[],"class_list":["post-903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"acf":[],"yoast_head":"\nWhy Buying Home for Millennials is More Difficult When Compared to Their Elders<\/title>\n<meta name=\"description\" content=\"Buying real estate for a millennial is much more difficult than their elders. 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