Cutting Back to Purchase a Home: Millennials Path Towards Homeownership
What would millennials do to own a home?
Well, it looks like they’re willing to make some sacrifices in order to become a homeowner – except for giving up avocado toast. That stays.
A new report by Chase Home Lending shows that millennials between 22 to 38 are willing to make lifestyle changes in order to receive keys for their new home. 70% of respondents say they’d cut back on weekend activities – shopping, going to the movies, splurging on expenses, etc. – at least once a month if it meant they could own a home in the next 12 months.
It looks like women tend to be more on the sacrificing side when it comes to adjusting some of their spending habits.
Millennials are also feeling optimistic when it comes to finally jumping aboard the homeownership train; 93% know that homeownership is on the horizon and feel excited about the home buying process.
The top three motivators for millennials to purchase a home:
- A desire and need for their own space
- Familial changes
- Building investment/wealth