Here are three benefits of homeownership credit unions should share with their millennial members who are considering buying a home.
With student loan debt accounting for about $1.4 trillion of U.S. debt, it should come as no surprise that millennials don’t want to buy a home. According to Pew Research, one in four millennials have some form of college debt – and it’s no secret that some millennials find themselves facing hundreds of thousands of dollars in debt.
With that kind of financial stress, most millennials are not rushing to purchase a home. The millennial generation doesn’t want to be tied down to a mortgage when the payment could likely equal their monthly student loan payment. As a result, millennials who live in expensive cities to jumpstart their careers are deciding to rent for longer periods of time.
Today, almost half of households that are headed by individuals between the ages of 18 and 24 are paying rent, according to a recent CNBC article. With more than 30% of their check going to rent payments, this age group will have a hard time saving up for a down payment on a mortgage. But does this even matter since millennials don’t want a mortgage? The answer is yes.
Read the full article at the source here: https://www.cutimes.com/2019/01/11/why-millennials-should-embrace-homeownership-despite-student-loan-debt/?slreturn=20200718153158