What All Millennials Who Want To Be Homeowners Need To Know

Money is a feminist issue — and yet, women are still reluctant to talk about it. According to a recent Bustle survey of more than 1,000 Millennial women, more than 50 percent of people said they never discuss personal finances with friends, even though 28 percent reported feeling stressed out about money every single day. Bustle's Get Money series gets real about what Millennial women are doing with their money, and why — because managing your finances should feel empowering, not intimidating.

Although a lot of Millennials rent apartments or rooms, more and more seem to be buying homes, too. Even though the thought of doing the latter may seem intimidating, it doesn't have to be. According to a 2017 online survey from Michigan State University and United Wholesale Mortgage, which surveyed 412 Millennials 25-to-34 years old — 50 percent who are homeowners and 50 percent who are potential home buyers. Of those wanting to own homes, 70 percent said that saving for a down payment is the biggest obstacle to achieving their goal of homeownership while 67 percent believed they needed to save up the full 20 percent down.

However, Mat Ishbia, president and CEO of United Wholesale Mortgage, clarifies the myth that most first-time buyers still believe they need to save up 20 percent for a down payment. For instance, there are plenty of low down payment programs, from three percent down to even 1 percent or 0 percent, he tells Bustle. One percent down is the equivalent of two months' rent in most areas, Ishbia says.

"Most Millennials aspire to be homeowners," Ishbia says. "A lot of what Millennials fear regarding homeownership is the unknown — things like the process and the qualifications associated with buying a home. They get misinformation from people about how much of a down payment is needed to afford a home. They shouldn’t fear the unknown. Millions of people go through this process every year and have success, and they should do the same thing."

Many Millennials Want To Buy A Home

United Wholesale Mortgage

Furthermore, the survey above found that many Millennials want to buy a home. Ninety-five percent of those surveyed said they're actively saving for a purchase, and 90 percent plan to buy within two years. And, if you think you can't invest in buying a home because of not making enough money or having too much student loan debt, think again. According to the survey, 25 percent of homeowners had an average household income under $50,000 per year, and 40 percent of homeowners had student loan debt when they closed on their homes.

If you're tired of renting and thinking of buying a place, here are some tips regarding what all Millennials who want to be homeowners need to know. After all, a home could be the most expensive thing you ever buy, but there are better ways of doing it than you may think.