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What's Holding Millennials Back from Buying?The answer must be student loans, right? Wrong! While paying back an education is part of theequation for some, it is not the only factor that holds Millennials back from buying their firsthomes.A survey of youngrenters by Fannie Maefound that the factorthat delays the mostpotential buyers isan insufficient creditscore or history(53%), followedclosely behind by“affording the downpayment and closingcosts (50%).”The chart on the rightshowcases the top 6reasons identified bythe study.Top 6 ReasonsYoung Renters Delay BuyingThere are many potential homebuyers who have delayed their purchase because they ‘believe’that they do not qualify with the debt they have (debt-to-income ratio), their credit score oreven the amount of savings they have.The challenge is that many of those who delay their purchases are not aware of theopportunities available, and are not aware that they would qualify now. Instead of wastingtime paying rent, they could be building their own wealth by putting their housing costs towork for them through the equity in their home.Let’s Break Down the Top 3 Myths Holding Back Buyers:
Myth 1:Student Loans are Preventing Millennials from BuyingMillennials are on track to becoming the most educated generation in history. This means they arealso the generation with the most student debt. Depending on the type of degree earned, as well asthe prestige of the institution attended, there are some Millennials who graduate college with whatequates to a mortgage payment. But that’s not the case for all.Here are some statistics about the average collegegraduate & their student loans:• The age of the average college graduate is 22 years old.• The average student graduates college with $25,000 instudent loan debt.• The terms of the average loan are 10 years, with a monthlyloan payment of $280, and an interest rate of 6.8%.Looking at these stats, the average college graduate haswhat amounts to a 10-year car payment after graduation.Is Earning a Degree worth the Debt?According to a study by the Brookings Institute, the dividing line between haves and have-nots inhomeownership is “education, not student debt.”“This picture accords with what we know about the growing gulf in the economic fortunes of thosewith and without a college education. Men with a BA earn $35,000 more a year than thosewithout, while for women the gap is $25,000.”A study by Fannie Mae supports this fact as they go on to say:“Those who completed at least a bachelor’s degree without student debt were 43% more likelyto be homeowners than high school graduates who didn’t attend college and don’t have studentdebt.”The College Board reports that “the typical bachelor’s degree recipient can expect to earn about66% more during a 40-year working life than the typical high school graduate earns over thesame period.”
Page 1 and 2: A Millennial’s Guideto Homeowners
Page 3 and 4: You’re Not Alone If You Haven’t
Page 5 and 6: Over the last 60 years, the mediana
Page 7: Do Millennials Want to be Parents?
Page 11 and 12: “With student debt on the rise, t
Page 13 and 14: Since Millennials make up the large
Page 15 and 16: The Financial Benefits of Homeowner
Page 17 and 18: Your Home Is an Asset You Can Borro
Page 19 and 20: Tips for Preparing for Homeownershi
Page 21 and 22: What to Look for in Your Real Estat
Page 23: CONTACT ME TO TALK MOREI’m sure y

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