How Millennials Are Finding Their Way to Homeownership
Poor Millennials. They get such a bum rap when it comes to consumerism and home ownership. No doubt you've heard that they are allegedly bringing down corporations because they refuse to be spenders...well, unless you count avocado toast.
And yet, they reportedly still don't have enough money to buy a house (again, with the avocado toast). People who are trying to sell homes feel a little worried by this apparent trend to remain renters or worse, basement dwellers. But research shows that Millennials are motivated to buy homes. They are just having a tougher time getting there.
Marketplace, which airs on NPR did a series last week on what Millennials are doing to get themselves financially ready for home-buying.
One of the more interesting ways is by renting a room from a Baby Boomer as was reported in this piece. Baby Boomers have owned their homes for years and probably have them paid off but the homes have many empty rooms. And often, they might be in a central location near industry and restaurants where rents are prohibitive. So the Boomer rents a room and gets a little income. The Millennial gets rent at a fraction of the going rate. It's a win-win.