Sign In  |  Register  |  About Walnut Creek Guide  |  Contact Us

Walnut Creek, CA
September 01, 2020 1:43pm
7-Day Forecast | Traffic
  • Search Hotels in Walnut Creek Guide

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Homeownership For Millennials: Challenges & Affordability Strategy Guide Launch

Wealth Building Way has published a new guide for millennials exploring financial strategies for homeownership.

The latest guide delves into the challenges of millennial homeownership, listing student debt, recession, and the COVID-19 pandemic as three contributing factors. According to data published by Forbes, millennials represented just 28% of all homebuyers in the period July 2021 - June 2022, largely due to their inability to save for a down payment. In its guide, Wealth Building Way explores the factors affecting homeownership affordability and offers strategies for affecting change.

For more details, please visit https://wealthbuildingway.com/can-millennials-really-afford-to-buy-a-home-exploring-financial-strategies-for-homeownership/

Wealth Building Way says that almost 70% of millennials are now priced out of homeownership due to rising house prices. Together with an increasingly competitive job market and stagnant wages, millennials are finding it more difficult than ever to accumulate enough savings for a down payment.

As explained in the guide, there are many social influences at play when deciding to purchase a home. For example, societal expectations and peer pressure from friends and family can often push millennials into home ownership against their will. “Millennials must keep their goals, financial stability, and long-term plans in mind, says Wealth Building Way. “They should not be swayed solely by external influences or societal norms.”

The guide moves on to share affordability strategies for millennials resolved on home ownership. For help with down payments, readers are advised to research various financing options, such as government-backed FHA loans.

With many millennials struggling to pay the traditional 20% deposit, Wealth Building Way explores the pros and cons of a lower down payment. “By opting for a lower down payment, millennials can enter the housing market sooner, but they may incur additional costs like PMI, generally ranging between 0.5% and 1.5% of a home’s value.”

Another recommendation listed in the guide is to consider the trade-off between location and affordability. Although urban living is the first choice for many, moving to a suburban area is often more affordable. Similarly, millennials might consider purchasing non-traditional homes, such as ‘fixer-uppers’ or ‘tiny homes’ to lower upfront costs.

Within the guide, readers can also find tips for building a higher credit score, which typically results in lower interest rates and down payment requirements. Advice includes prompt payment of bills, paying off outstanding debt and using a lower percentage of available credit funds.

Interested parties can find more information by visiting https://wealthbuildingway.com/can-millennials-really-afford-to-buy-a-home-exploring-financial-strategies-for-homeownership/

Contact Info:
Name: Robert O’Neill
Email: Send Email
Organization: Wealth Building Way
Address: 16238 Highway 620 N Suite F-104.b, Austin, TX 78717, United States
Phone: +1-512-677-7448
Website: https://wealthbuildingway.com/

Source: NewsNetwork

Release ID: 89123409

If there are any deficiencies, problems, or concerns regarding the information presented in this press release that require attention or if you need assistance with a press release takedown, we encourage you to notify us without delay at error@releasecontact.com. Our diligent team is committed to promptly addressing your concerns within 8 hours and taking necessary actions to rectify any identified issues or facilitate the removal process. Providing accurate and trustworthy information is of utmost importance.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 WalnutCreekGuide.com & California Media Partners, LLC. All rights reserved.