Younger Buyers Need Help With Down Payment

A lack of savings, debt, and poor credit are among the biggest obstacles preventing young adults between the ages of 18 and 34 from becoming homeowners. In fact, according to a new consumer survey from Trulia, 50 percent of participating millennials said their personal finances were preventing them from buying a home and they would have to ask their parents or grandparents for help with a down payment in order for them to be able to buy a house. Michael Corbett, Trulia’s real estate expert, said saving for a down payment is a big obstacle and it can make the home buying process even more intimidating. But despite their lack of savings, younger Americans say they aren’t willing to sacrifice luxuries like vacations, gym memberships, and new clothes. In fact, 15 percent of survey respondents said they wouldn’t even give up their Netflix subscription to help save money to buy a house. The top three things millennials said they wouldn’t give up were their car, smartphone, and cable. Eating out, organic shopping, and their morning latte rounded out the top 10 must-have items for young Americans struggling to save money to buy a house. More here.

Michael Rosenbaum

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