Millennials are a HUGE part of our population, like it or not. They total 66 million individuals and 24 million independent households. Over the past 40 years, despite what people may think the median age for first-time homebuyers has remained steady at a right around 31 years of age. The problem is not that Millennials don’t want to buy, in fact they look at homebuying just as favorably as previous generations.
The fact of the matter is that 22% of these millennials are still under the age of 25 and are making only $38,2200 a year. On top of relatively low income figure, many millennials are paying off thousands of dollars in credit card, car and student loan debt, making it nearly impossible to purchase a home on their yearly income.
For this reason, millennials also wait a while to buy. On average they rent for at least 6 years before deciding to purchase, and believe it or not, millennials aren’t the only ones not buying. The number of first time homebuyers has decreased among all ages.
A survey done in 2014 actually determined that Millennials deem homeowning more sensible than renting for both lifestyle and financial reasons and the majority of renters say their next move will be to buy.
Even though many consider Millennials to be more pessimistic about the future and their ability to buy a home, many of them had an overall positive outlook about purchasing a home and believe it to be a good investment for their future.
If you are a first time homebuyer (no matter your age) we have a program that may be able to help you get into a home for a fraction of the cost. At Eagle Connect Fund we offer first time homebuyer grants that allow you to purchase a home with no money down.*
- Fannie Mae HomeReady, 30-year Fixed Rate Mortgage
- 1st Time Homebuyer requirement
- 3% down- Provided in Full by Eagle Connect Fund
- No income limit in certain areas
- 680+ Credit score, no loan level price adjustments
Typical down payment assistance programs that most lenders offer require a 2nd lien in order to provide you with the funds. Our funds are 2nd Lien free, and completely 100% grant funds. This means no repayment by you.