If you need assistance, please call 317-590-2901

More Millennials Paying Mortgages Themselves: 'We've Got This'

Tuesday, July 23, 2019   /   by Carlos J Higareda

More Millennials Paying Mortgages Themselves: 'We've Got This'





July 19, 2019







Over the past year, millennials have become less likely to need to ask their parents for financial help, get a roommate, or work a second job in order to pay for a mortgage to buy their first home, according to a new survey conducted by Redfin of 1,000 respondents born between 1981 and 1996.


Comparing the survey’s results to those of a year ago, millennial home buyers feel more confident of their financial situation and that they will be able to afford a mortgage themselves without having to take other measures.


“Over the last couple years, millennial household incomes have been rising, and America’s youngest professionals now earn more than previous generations did at this age,” says Daryl Fairweather, Redfin’s chief economist. “As a result, they’re needing less and less help from family members to buy a home.”


Fairweather notes that the bulk of the increase in millennial household earnings has been driven by millennial women, who are working more and earning more than women of previous generations. “Millennials may have postponed getting married, having children, and buying a home while they got their careers on track, but now that they are more established in their careers and earning more, I expect to see more millennials buying homes and checking off those major life milestones,” she says.







Chart showing millennial mortgage statistics

© Redfin




Only about 10% of millennial home buyers say they plan to get help with their mortgage from their parents, down from 17% a year ago. Also, the number of millennials who plan to co-own a home with someone other than a spouse or partner dropped by half over the past year, falling from 14% a year ago to 7%.


The only measure that showed growth over the past year that millennials said they’d take to afford a home was to get a second job, growing from 29% a year ago to 31% in the most recent survey.


eXp Realty
Carlos Higareda
9465 Counselors Row
Indianapolis, IN 46240
317-590-2901
Indiana Luxury Property

The source of the Licensed Listings is BLC® listing service. The Licensed Listings are confidential information of BLC® listing service. The BLC® listing information is provided by the Metropolitan Indianapolis Board of REALTORS® from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2024 Metropolitan Indianapolis Board of REALTORS® All Rights Reserved. The information provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
This site powered by CINC: www.cincpro.com