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First Time Home Buyers: How are the Millennials Doing?


There are a lot of myths about millennials out there that make it seem like none of us are interested in making the investment in a home. In reality, recent studies have found that millennials are buying a lot more homes than you think. According to an appartmentlist.com study,  9 in 10 millennial renters want to purchase a home. 

Latest Millennial Tracker survey shows that 89% of mortgage loans made to Millennial borrowers in May 2018 were for buying a home. Most first time home buyers are moving from renting to purchasing because there are major changes happening in their lives such as starting a family, getting a new job, or because they want to build equity and stop renting,

Last but not least, you may read that you need a 20% down payment in order to buy a house. Remember that most first time buyers usually make a 3.5% down payment (FHA or conventional loan).

By Caroline Germano - Dec 18, 2018

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