Lack of millennial home ownership results in rejected business loans

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This obviously affects home ownership, retirement investments, car purchasing, and the ability to take on small-business, entrepreneurial loans. Bottom line: The Millennial population is in a perpetual state of safety and security, if we look at it from Maslow’s Need Theory perspective.

Fortunately, there are plenty of mortgage options for millennials. fha loans. For those wanting to get into a home with a minimal down payment, an FHA Loan is one of the most practical choices. These government-insured loans require just a 3.5 percent down payment – and all of that money can be gifted from a relative or the home seller.

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Millennial home ownership may be out of reach because there is no doubt that Millennials are struggling with debt and it’s a serious issue. We’ve addressed this problem in two previous blogs – Millennials Debt; A Plan for Escape and Gen Y Trapped: Millennials in Debt.For those of you unfamiliar with the term Millennial, the Census Canada definition is kids born between 1977 and 1994.

Millennial’s student loans have kept them from becoming homeowners because they can’t afford a down payment or tanked their credit defaulting on a loan. If you’re hoping your children will be able to buy a home of their own someday, you might want to keep an eye on how much money they’re taking out in.

Young Americans are struggling to come up with down payments. However, forgoing college isn’t necessarily a path to making homeownership easier – indeed, young people with college debt are actually more likely to own a home than those without loans. But the student debt burden isn’t only causing millennials to put off buying their first homes -.

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Housing is less affordable for millennials compared to the overall population. The National Association of Realtors computes an affordability index by comparing the median home price to the median family income. That way, it gauges whether a typical family can qualify for a mortgage loan in a particular region.

The Awakening of Millennial Homeownership Demand. Second, the lack of homeownership progress despite years of economic expansion leads some to conclude that Millennials’ homeownership preferences are fundamentally different from prior generations. According to this view, many Millennials remain renters by choice,

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