5 Millennial Home Buying Anxieties

The millennial generation has reached the age at which buying a home is a possibility. Many have finished school, found a job, and are now considering settling down. But like most home buyers, the millennial generation has concerns about making a major purchase such as a house. This generation also has a couple of worries holding them back that are even more prominent now than they were in past generations. The millennial generation is one of big dreams, and with those big dreams, there is a price tag many are still paying down. There is also the added pressure coming from being single and consequently having only one income.

To elaborate, here are five of the top concerns millennials have about buying a house.

Only Having One Income

Millennials are waiting longer to get married if they get married at all. According to the article Why Millennials Refuse to Get Married by Meg Murphy, the median age of marriage is twenty-seven for women and twenty-nine for men. This is up from 1960 when the median ages were twenty and twenty-three respectively. Since many millennials are delaying or completely forgoing marriage, this means if they are not co-habituating with a partner, any responsibilities for paying a monthly mortgage and insurance will fall solely on the shoulders of one person. Only having one income will mean millennials have more reason to be concerned about making such a major purchase as a house because, if they lose their job, they will not have the money to finance their monthly payments. Also, individuals who apply for a home loan with a spouse have greater opportunity to get more financing, which means they are more likely to be able to afford the house they actually want. Many younger single people might see buying a house as a foolish decision if they don't make enough to qualify for a loan large enough to buy a house with more comforts than what they can get with leasing.

Continue reading to learn how travel can factor into the delay as well.