Millennial Homebuyer?: The Struggle is Real

When people talk about Millennials preferring renting versus home ownership, nothing could be further from the truth.  As of January of this year they represent the largest  group of home buyers (according to Ellie Mae a software company that analyzes mortgage data).  But a shortage of available homes has driven up prices and Millennials are competing against buyers with more experience and buying power.  This is leading to bidding wars and stiff competition.  And with many in this age group paying close to half  their income on rent, it makes it difficult to save money for a down payment.  Experts suggest Millennial buyers be prepared by getting pre-approved and determining their budget (and sticking to it!).  Have you found that it’s difficult to find the right home?

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