#MILLENNIALBUYERS How are millennials saving for a home?
Wednesday Jun 12th, 2019Share
Many Millennials say they are interested in buying homes— but the cost is what is stopping them!
Millennials are juggling a bunch of fairly new expenses that previous generations didn’t have to take into account. Whether its student loan payments, or on-demand and subscription services like Uber, Netflix, gym memberships that have become part of everyday life.
Hardest Expenses to cut from budget in saving for a home
- Dining out
- Student Loan payments
- Transportation (Uber, Go Train)
- Online Subscriptions (Netflix, Apps)
- Gym Membership or Fitness Classes
Life is expensive, so saving for that downpayment will require planning and careful consideration of where you are spending money.
Financial Measures to consider when saving to buy a home
- Getting a side job
- Foregoing a yearly vacation
- Finding a roommate
- Moving back with parents
- Selling your car
- Renting apartment on AirBnB
Home prices on average are rising every year. Waiting longer could cost more than you think !
Interest Rates are LOW. The cost of borrowing money will cost you less per month! LET’S CHAT about your Real Estate Goals. You might be surprised what you can afford !