Millennials Are Less Interested in Buying Homes Than Ever Before
A record low number feel it’s a good investment.
Find personal finance news and statistics for America’s youngest breadwinners.
A record low number feel it’s a good investment.
Many admit ‘buyer’s remorse’ after they’ve made their purchases.
When Forbes recently defended millennials’ money choices, I rejoiced — because I was proven right.
And they’re putting in the most effort to improve their scores.
Younger people are doing really well at saving for long-term goals.
The headlines scream DANGER, but I see an upside.
Experts say there’s a definite relationship between debt and depression. But we don’t like talking about either one.
Businesses that think of society and employees first are most important to millennials.
Nearly one-third of young people are spending more on attire than their golden years.
Millennials get a bad rap. On the bright side, it might be pushing them to excel.
Only a third of them are saving outside of workplace plans.
They’re going to earn a million while paying back their student loans.
More are trying to start businesses and freelance for a living, than working 9-5 jobs.
A missed payment is the No. 1 way to lose points on your credit score.
More are living with their parents than in the past decade.
If they’re not careful, it might also kill them.
They’re saving more and reaching retirement goals at a younger age than older generations.
Americans don’t feel they make enough money to plot out how to save and invest it.
After years of renting in cities, younger homebuyers need a place for a family.
They think their husbands know better until they end up alone.
And yes, student debt is at the top of the list.
Millennials think they need to put 20 percent down, housing experts disagree.
Their student loans are making it harder to afford a home, though.
Students borrow money without questioning the interest rates.
Want millennials to stick to a job? Teach them about money.
From student debt all the way to depleting Social Security, senior citizens feel for millennials.
They’re buying homes after viewing them only online.
Millennial couples talk about how they plan to retire more than couples twice their age.
Seeing what all their friends post drives millennials to spend carelessly.
Despite misconceptions that they’re wasteful with their money.
This roundup shows where young workers have the best chances to buy a home.
He went from being unemployed to a millionaire in five years.
They’ve increased their savings rate over two consecutive years.
Americans think they can reach their long-term financial goals, even though they also think they’re not going to have enough money to last their entire lives.
The increase of artificial intelligence and automation has millennials worried — and aiming for jobs where they manage the robots.
Millennials take the recession’s lessons to heart.
It’s mentally and financially taxing for all age groups.
Nearly half of prospective homebuyers born in the ’80s till the mid-90s don’t know where to begin.
How one man spent 65 days in Europe for less than the cost of a Starbucks run
Those closest to retirement are the most optimistic about getting out of debt.
People put weird things on their resumes. Don’t be one of them.
This year, 1.2 million high school grads didn’t fill out a FAFSA, leaving $2.3 billion of free money behind.
Baby boomers say they are financially ready for retirement. Most say that living life on the cheap side will leave you more money in your later years.
No savings, poor credit are adding up as problem for the generation.
It seems the more money parents have, the more their children demand.
Despite their joy, not putting importance in finances does hurt the generation.
Unemployment rates of black women today are nearly double the national average of all women 10 years ago.
Older citizens are also doing better than younger ones.
But many aren’t buying a house — because they can’t save the money.
They pay them off more often, but they have too darn many of them.
The Credit CARD Act of 2009 placed tight restrictions on how credit card issuers could market cards on college campuses. It also prohibited the approval of credit card applications to anyone under the age of 21. The goal was that Millennials would be less likely to rack up serious credit card debt during school. The side effect was a generation that was more wary of credit cards.
Roughly two in five (41%) of Millennials view credit cards with fear and over three quarters (76%) of Millennials don’t see credit cards as a status symbol. Oddly enough, however, when Millennials chose a credit card, they make some interesting choices. A credit card went “viral” in 2017 largely thanks to Millennials that had a $450 annual fee. Most experts tell you to avoid annual fee credit cards, but Millennial snapped this card up in droves.
More than half of Millennials (53%) report they have high anxiety about losing their job, compared to just 29% of all Americans. Then 67% stress about savings compared to 50% of the general population. Plus, over 23% say that financial stress makes them physically ill, while 20% say it contributes to their depression.
This higher level of financial stress may be attributed to how they grew up. The Great Recession saw many households lose their long-term saving strategy as 401(k) assets plummeted. Millennials also came of age during a period of historically high unemployment rates, particularly among youth. This environment likely created a great sense of urgency, as well as one of impending doom.
Millennial consumers face record breaking challenges with student loan debt. The average student graduates with enough debt to purchase a nicely equipped sedan (to the tune of over $35,000).
This level of debt easily puts many entry level workers well above the debt-to-income ratio needed to qualify for significant financing. Purchasing a first home is out of the question in many cases, even if they get help with the down payment. They simply can’t afford the burden of mortgage payments plus student loans.
This has also led to lower rates of marriage for Millennials in the 20s. Millennials often delay starting a family because instead of the benefit of two incomes, they get the anchor of twice the student loan debt. When you consider that the estimated cost to raise a child to the age of 18 (without education costs) is over $250,000, it’s no wonder that many Millennials feel like they’re not in a position to start a family.
On the other hand, however, Millennials are more likely to cohabitate faster AND merge bank accounts into joint accounts. They’re doing this even before they get married.
A 2017 study found that 90% of Millennials view saving for retirement as their primary goal, versus 40% who opt for starting a family. Remember, many Millennials saw how weak their parents’ retirement strategies were during the Great Recession. That dramatic loss of life savings left a serious impression; one that may have inspired Millen