The Costa Mesa Blog by Torelli Realty

Costa Mesa Market Updates, Community News, and more!

Are Millennials Saving For Homeownership?

Most millennials dream of owning a house one day. The sad fact is that most of them don’t even have a fraction of money that is needed to make the down payment. The biggest obstacle to owning a home is their inability to make a down payment. This means that their dreams of becoming a homeowner remain just a distant dream.

According to a recent report, 80% of millennials yearn to become homeowners, 72% are held back, as they cannot afford a home; 62% have less than $1,000 saved for a down payment; 44% have no down payment savings; and 40% have absolutely no savings plan in place.

Even though the average price of a home has gone up, millennials don’t have to feel discouraged. If they want to realize their dream of becoming a homeowner, all that they need to do is to make some small changes to their lifestyle and savings habits.

Put Money Aside Every Pay Check

Even before they begin the hunt for their first home they need to have a plan that can help them save enough money for the down payment. A simple strategy is to put aside some money every month. This can help start the process that can turn dreams into reality.

Affordable Price Range

One of the most important determining factors in purchasing a home is affordability. Take time to calculate the affordable price range before you start looking for a home. All additional costs (insurance, maintenance fees, closing costs and utility payments) of owning a home also need to be considered.

Reduce Rent

For most millennials, rent is one of the biggest monthly expenses and reducing it can result in significant savings.

Find a home that fits your budget and lifestyle. Remember that you are not just buying a home, you are buying yourself a good financial future.

Leave a Reply

Your email address will not be published. Required fields are marked *

Buying With Torelli Realty
Fill out the form below, please add your Name, Email Address, and Phone Number - One of our agents will contact you as quickly as possible to answer any questions you have.
Thank You! We will contact you shortly. Please check your email!
Selling With Torelli Realty
Fill out the form below, please add your Name, Email Address, and Phone Number - One of our agents will contact you as quickly as possible to answer any questions you have.
Thank You! We will contact you shortly. Please check your email!
The Coffee Cup Meet Up
We know it isn't easy to buy a home, we can help you find the one home you want with a simple Coffee Cup Meet Up. You can sign up below and we will contact you immediately or find out more information here
Thank You. We will contact you as soon as possible.