According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners but are able to.
The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home.
So, what’s holding these mortgage-ready millennials back from buying?
Myths About Down Payment Requirements!
Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and FHA offers as little at 3.5%. Even if they don’t have the cash on hand for the down payment they might be able to get a loan from the 401K or even gifts from friends and family. They can even crowdfund their downpayment.
Here’s what it all boils down to:
With so many young families now able to buy a home in today’s market, the demand for housing will continue for years to come. If you are one of the many millennials who have questions about your ability to buy in today’s market, let’s get together so we can assist you along your journey!
I’m Leslie Don Wilson I want to be your realtor
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