36% of millennials say they plan to wait at least five years to purchase a new home or apartment. When surveyed to find out the reason for this hesitation, 72% blamed affordability, 45% admitted they were not ready to settle down and 36% explained they were waiting until marriage.
So, how can we fix this problem? If you’d like to purchase a new home sooner rather than later, you have to save. Only 29% of the millennials surveyed are saving at least $200 each month, which is not enough. Try these three tips to own a home sooner.
Set up automatic withdrawal to your savings account.
The easiest and most simple way to save money is to never see it. If you set up automatic withdrawal, the saving will happen without you having to think about it, and you probably won’t miss the money.
Take up a side job.
Whether it’s driving for Uber in your free time or waiting tables on the weekend, making extra cash is easier than ever. Keep in mind that the reward for all of your hard work will be well worth it – a home to call your own.
Research first-time home buyer programs.
The Federal Housing Administration and USDA loans are two of the most popular options. A second option is looking into a first-time home buyer grant. If you are a law enforcement officer, emergency medical technician, firefighter or teacher, national program Good Neighbor Next Door may be able to grant you 50% off the list price of your new home.
Never let your age or income level get in the way of your dream of owning a home. Where there’s a will, there’s a way!
Trey Willard, CEO The W Group
Berkshire Hathaway Home Services – United Properties
Source: Susan Shain, originally posted on Credit.com