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Is it harder now to buy a home if you are a younger buyer?

On Behalf of | Nov 30, 2020 | Real estate transactions |

There are many reasons why someone buying a home may wait to move forward with that process. It is often easier to rent, especially if a Tennessee renter does not have the money to make a down payment. Renters are also able to avoid the complications associated with home upkeep and maintenance. When younger buyers are finally ready to buy a home, they may find that this process is more difficult for them than it was for their parents.

Studies find that millennials are becoming homeowners later in life compared to when their parents’ generation bought their first homes. One reason for this is that many in this age group have large amounts of debt due to student loans. Millennials are also more likely to choose to live in places where the market is more expensive, making it more difficult to buy a home.

This generation is also less likely to buy a home and settle down early because they often delay marriage. It is more common for millennials to marry in their late 20s, and they often look to delay buying a home until they take this step. Some millennials may have difficulty getting approval from lenders or securing reasonable interest rates.

Making the decision to buy a home in Tennessee is major decision. Millennials taking this step will find it beneficial to work with an experienced attorney as they seek to avoid complications. A legal ally can help them make choices that will make sense long-term and navigate the real estate transaction process with confidence.