Advantages And Disadvantages Of Millennials

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The dream of owning a home, is still very well and alive in the millennial generation, despite common belief. Millennials have lived through uncertain economic circumstances. Data is not a constitute or the reasoning behind certain trends and occurrences. A big part in the fact that a low percentage of millennials are homeowners is simply lack of education on the topic and lower incomes. Many millennials simply cannot afford a down payment on a home. This is inconceivable, and necessary if starting the process of a mortgage to eventually own a home. Many millennials can barely fork down the currency needed for first, last, and security payments for rents. While mortgage payments might be cheaper than today’s rents, there is still, despite that, apprehension from the millennial generation to own homes. Mostly, this is from lack of knowledge on the subject matter and a lack of money up front due to lower income in comparison to the cost of living of today. The implementation of different factors will help the newest set of homebuyers see the benefits, and disadvantages, to better make a decision of where to live. Programs that work with potential homebuyers with little to no credit and reduce the down payment percentages have shown great success in increasing homeownership rates. Millennials and the Baby Boomers and the other various …show more content…

Many such programs that bring up homeownership rates in the areas they are offered is low down payments, catering to persons with low or no credit, and other negotiations. Many millennials express the desire to own a home, but the main factors, such as the high down payment and credit score requirements may steer them away. In addition of the existence of these homeownership programs, the companies and businesses offering it also share education on homeownership. More knowledge means more

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