Nicole Christianson, a 26-year-old sales rep, was tired of writing big checks for tiny apartments. And she wanted to do more with her cash than stash it in a savings account.
One night, she and her husband Thure, 28, took a look at their newly combined finances and uncovered a pleasant surprise: Together, they had saved enough for a 5% down payment on the affordable fixer-upper right across the street from their Milwaukee apartment. They closed in December 2017, and Nicole says they’re happy to finally be “making something that’s ours.”
Millennials’ homeownership goals
Many in Christianson’s age group are chasing that feeling. Eighty-two percent of young adults say owning a home is a priority, according to NerdWallet’s 2018 Home Buyer Report. If they can make it happen, most will be first-time home buyers, but that ‘if’ looms large.
Millennials (those born from 1981 to 1997) are buying houses at lower rates than when previous generations were the same age, and it’s not hard to see why. Saving up for a down payment and qualifying for a mortgage can feel like pipe dreams for young adults grappling with student debt, underemployment and high rent costs.
Still, millennials are an optimistic lot, and research shows there are big rewards in store for those who find a way to buy their first home sooner rather than later.