For millennials who head down the aisle and start decorating nurseries, a mortgage is a scary prospect to add to an already heavy debt load. It makes sense that they’ve delayed the homebuying process compared to previous generations, as only 36 percent of homeowners are age 35 and younger, according to the census.
Ultimately, if millennials want to exchange rent checks for building equity they have to make a few compromises. Here’s a look at how some millennials overcame their homeownership challenges.
Dealing with Debt and Homeownership
It could take a decade (or decades) for many members of the millennial generation to ditch student loans and become debt-free, but that doesn’t mean they want to delay homeownership until their late 30s or early 40s.
Instead, millennials are coming up with resourceful ways to balance the debt of a mortgage with their financial situations.