Millennials Are Willing To Prioritize Home Buying
A recent Harris Poll asked 2,000 adults questions about their plans for real estate. Of the millennials surveyed—that is, people aged 18 to 34—38 percent said that they either would or have put off a wedding or honeymoon in order to buy a home.
Since the cost of a wedding has been consistently rising and has hit an all-time high of $29,858 last year, as reported by TheKnot.com, many millennials have to choose between a down payment and a ceremony. Young Americans recognize this financial reality, and are willing to reduce their financial burden by spreading out paying for a wedding and buying a home.
Many are choosing to opt for the home now, instead of a walk down the aisle, since interest rates are historically low and mortgage programs are available incentivizing first-time buyers. Some millennials are choosing to cement their relationship with mortgage paperwork instead of a marriage license.
Millennials who buy a home together need to be confident in their relationship, since in order to see a return on investment they will need to own the property long-term. Furthermore, splitting financial assets if things do not work out will become especially difficult if your equity is wrapped up in a home.
If you are a millennial hoping to purchase your first home, do not try to navigate the real estate
market alone. To get a team of dedicated experts on your side, contact the Zwahlen Team in Danville, California. We are here to serve you in all of your real estate needs.