Millennials need to be more willing to ditch renting in favor of homeownership.
Despite the rising cost of living in major cities, Millennials are unable or unwilling to abandon renting in favor of homeownership. According to a recent Your Home Wichita report, socioeconomic trends hinder the generation’s homeownership prospects.
For one thing, most millennials still live with their parents. This is the first time in 130 years that this has been the primary living arrangement for an 18-to-34-year-old. Moreover, most millennials have student loan debt and are reluctant to move into their own homes.
Nevertheless, several millennials intend to purchase their own homes in the future. Approximately 70 percent of millennials plan to own a home by 2020. In addition, about half of working Millennials in their “prime earning years” are not saving for a down payment.
As a result, many millennials pay more than 40 percent of their income for rent. The high costs of even a small rental unit make it unaffordable.
You can save money on rent.
One of the household’s most common questions is how to save money on rent. For many people, housing is their single most significant monthly expense. Keeping costs down can be challenging, but there are several easy ways to make savings a reality.
One of the simplest and oldest ways to save on rent is to find a roommate. This can save you hundreds of dollars per month. You can do this by searching for roommates online or posting on social networking sites like Facebook.
Having a roommate will also allow you to split the cost of your monthly rent. It’s also a great way to meet new friends. However, you will need to get a written agreement in place.
Another savvy way to save on rent is to move to a new location. Moving to a less expensive part of town can lower your overall costs, and you can find an apartment or house that you can afford.
You can invest in real estate long-term.
If you are considering investing in real estate, there are some essential things you need to know before making your first purchase. First, there are different support methods, and deciding what works best for your needs depends on your financial situation and the amount of risk you’re willing to take.
The most common form of investing in real estate is a long-term strategy. You’ll buy a property and rent it out to tenants. This strategy allows you to earn a stable monthly income. However, buying a property for this purpose can be expensive.
One option is to invest in a public real estate investment trust (REIT). These companies own and manage properties and are an excellent way to diversify your portfolio. Purchasing shares in these companies can be done through a brokerage account.
Another option is to buy shares in exchange-traded funds, which are mutual funds. Investing in these funds can be a fast and efficient way to access real estate.
operty for this purpose can be expensive.
One option is to invest in a public real estate investment trust (REIT). These companies own and manage properties and are an excellent way to diversify your portfolio. Purchasing shares in these companies can be done through a brokerage account.
Another option is to buy shares in exchange-traded funds, which are mutual funds. Investing in these funds can be a fast and efficient way to access real estate.
