Millenials are facing some major hurdles when it comes to homeownership. Student loan debts, lack of down payment, ability to afford a home in a preferred neighborhood, and lack of job security are the biggest threats. Here are some tips to help ease the pain:
1. Stay in communication with your Lenders. Make sure your payments are manageable and that you are paying them on time. Late payments can really hurt your credit score, which can really hurt your chances of securing a loan when it comes time to buying a home.
2. Start saving NOW! Although there is no set rule/percentage that fits everyone, I promise you will not be sorry that you have money in your Savings Account. Check out this great article from Forbes for more on this topic.
3. Weigh out your options. Is it more important to live in a certain neighborhood or have ownership of your home? Are the things that you find attractive in a certain neighborhood still going to be important to you when you are ready to buy? Explore different neighborhoods, they may take you by surprise. But in the end make sure you are making a decision you are going to be happy with in the long run. This is an investment after all.