Still the American dream?
The stigma of being a millennial seems to be a hot topic. This generation has more options, more freedom, and can access almost any information or product with a few button clicks. As a result, they’re doing things a little differently than the generations that came before.
Nicholas Padiak (2017) of the Chicago Tribute quotes Brian McCabe when he shares,"The homeownership rate really starts to climb after the Second World War," McCabe said. "So it's in the 1950s and the 1960s that we go from being a country of 45 percent (homeownership) to a country of well over 60 percent." (2017). He goes on to quote realty broker, Greg Nagel, explaining, "[homeowning] represents probably the most risk-free investment opportunity to build wealth due to the tax advantages," such as the mortgage interest and property tax deductions. "It's very powerful," he said.”
Grandparents and parents of the millennial generation had rhyme and reason behind their white picket fences. The political and cultural climate incentivized homeownership.
So what has changed?
Millennials are waiting until later in life to settle down. This graph from Women’s Health Magazine suggests that the average marriage age went from 20 to 27. The reasons behind delayed weddings range from women being more likely to pursue education, couples wanting to pay down student loan debt, having more options in choosing a partner, etc.
It seems as though millennials still value homeownership. According to housing wire (2018), 75% of non-homeowners want to become homeowners. However, the political and cultural climate is less eager to suggest that you aren’t successful or stable until you own a home.
It just seems a little more intimidating when you have outstanding student loans, aren’t yet married, or don’t know much about the process of buying a home.
Imagine Home Lending offers several different loan programs because we want to find a loan that works for your budget. Homeownership is still a pillar of the American dream. “Life, liberty, and property”, right? If you’re apart of the 75% of non-homeowners that want to transition into being a homeowner, call us today!