Category: Millenials

4 Reasons to Buy a Home Instead of Renting

May 10th, 2017 by

The financial benefits of buying a home compared with renting have yoyoed over the years, especially of late. If you’re sitting on the fence, here are four circumstances in which it may be a better bet to buy.

If interest rates remain low

From a financing perspective, if this isn’t the best time to buy a house, it’s pretty darn close.

The average interest rate on a 30-year fixed mortgage, the most common variety, has hovered below or near 4% for several months now. For comparison’s sake, if you bought 10 years ago, the average interest rate was 6.41%. In 1996, it was 7.81%, and in 1981 it was a whopping 16.63%.

Although the Federal Reserve has begun to inch rates upward, it is likely that it will do so slowly and that it will be a while before the cost of borrowing to buy a home stops being historically low.

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Millennials and Mortgages

April 9th, 2016 by

millennialhomeownersSeemingly not a day goes by that a major media outlet doesn’t report on the significance and growing purchasing power of the mighty demographic: Millennials. The age cohort includes at least 80 million people with roughly $200 billion to spend, and companies are understandably doing everything possible to reach these new consumers.

The other story that has dominated real estate and mortgage news has been the state of mortgage rates, which have remained low (historically!) for some time now. Even first-time homebuying has increased in recent months. It would seem like this is a match made in heaven, right? Although millennials will undoubtedly one day be the dominant force in housing, Forbes columnist Beth Braverman provides four reasons why that hasn’t happened quite yet.

1) Strict mortgage standards and stubborn debt. Braverman notes,  potential buyers used to have more (more…)

10 Things Millennials Should Do to Reach the Next Financial Level

March 29th, 2016 by

Millennials have come a long way, but they’re still behind on many key measures.

ObstaclesMillennials have had a rough road when it comes to money.

Not only did they come of age during the Great Recession, which made jobs scarce and benefits even scarcer, but many saw their parents lose big time in the stock or real estate markets, which scared them off of making their own investments. Still, there’s no more time for excuses, because millennials are all grown up and taking on increasing amounts of responsibility. From mortgages and parenthood to (more…)

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