Are Millennials Doomed To Never Own Their Home?

There’s a pretty common perception in the modern era that the millennial generation is pretty much doomed never to be able to buy their own homes. For the longest time, it was treated as an assumption that you would leave education, get a job, and then buy a house. But thanks to rising house prices combined with the stagnation of most people’s wages, that’s become a much less realistic ambition for many people. But the question is, is it really impossible for millennials to be able to afford homes? Well, unsurprisingly the answer is a little more complicated than a simple yes or no. In reality, it’s closer to something like a “yes, but…” With that in mind, here are some things that can help you afford a home, even when it might seem like that’s impossible.

Figure out your finances

If you’re even going to start thinking about buying a home, then you need to have the strongest grasp possible on your own finances. Now, a lot of people will assume that this just means their annual income and, yes, that is a big part of it. However, you also have to consider things like your credit rating, as well as things like your tax returns if you’re self-employed. Trying to buy a house if you’ve only got, say, a single year’s accounts and a freelancer can be a serious challenge.

Learn everything you can about the costs

Most people are vaguely aware of the broad costs involved in buying a house. They know that they will probably have to take out a mortgage and that they will need to save up for a deposit. However, a lot of people aren’t aware of the other, less obvious costs of buying a house. When they first come across things like solicitors fees and stamp duty first time buyers tend to panic. However, if you start from the beginning with an assumption that you’re going to have to deal with these kinds of costs, then you’ll be much better equipped to handle them when the time comes.

Start planning ahead

It’s most certainly true that most millennials aren’t able to afford a home right now. However, that doesn’t mean that that’s how things will be in the future. The reality is that if you want a home, then you’re probably going to need to start saving for it. That may take a long time, but if you don’t start right away, then you’re never going to have enough put away when the time comes for you to start looking for houses in earnest.

The reality of owning a home in the modern age is that it is entirely possible, but that doesn’t mean that it’s possible for everyone. If you find yourself in a position where buying a house isn’t an option, don’t panic. More and more people are renting every day, and many millennials are staying at home with their parents while they figure out how to afford their own place. Just because you’re not doing things the way you might have once been expected to, that doesn’t mean you’re doing anything wrong.

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