Do 46 Million Millennials Know They Are Mortgage Ready?

Do 46 Million Millennials Know They Are Mortgage Ready? Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American Dream.

Millennials have taken longer to obtain traditional milestones than the generations before them, such as getting married, having kids, and buying a home. However, that does not mean that they do not still aspire to achieve those things.

History shows that people tend to buy their first home around age 30. Nearly 5 million millennials will turn 30 in the next two years. This will continue to fuel demand for housing.

This is also one of the many reasons why the millennial homeownership rate has continued to grow over the past few years. 48.4% of Americans between the ages of 30-34 now own a home.

There are over 46 million millennials (33% of the generation) who are considered Mortgage Ready, meaning they meet the qualifications to be approved for a mortgage today!

a FICO Score of 620
a Back-End Debt to Income Ratio 25%
no Foreclosures or Bankruptcies in the last 7 years
no severe delinquencies in 1 year

Rob Chrane, CEO of Down Payment Resource, commented on the findings of the report,

We now know there are millions of buyers with the income & credit necessary to qualify to buy a home. The biggest question is:

Do they know it???Unfortunately, many renters don’t investigate homeownership simply because they don’t believe it’s an option.

The good news is that more and more millennials are realizing that they can afford a home now. Even so, more can be done to increase awareness of low down payment programs to attract even more of this generation.

New data from realtor.com shows that in December, millennials accounted for 42% of all new home loans originated in the month. This is more than any other generation.

Bottom Line

If you are one of the many millennials who may be Mortgage Ready but are unsure what your next steps should be, lets get together to help guide you on your path to homeownership!

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About The Author

Billy Bassett

Bill is a NYS Licensed Broker of Milestone Properties he is a full time agent. In 2019, 2020, & 2021 he is 1 of only 5 finalists (out of over 500 agents) for the Utica OD Best of the Best category of Best Real Estate Agent! He is currently the Vice President of the local YPN (Young Professionals Network). Prior to real estate Bill worked as the General Manager of a successful movie theater, where he has built years of experience in customer service, management, finances, and several other skills that are essential in the real estate industry. His main goal is customer satisfaction and is determined to find his buyers their perfect home, and finding the perfect buyers for his home listings. Bill was born and raised right here in the Mohawk Valley. Bill is a member of the local Board of Realtors, where he is on the Strategic Planning Committee. Bill can show, and sell any home in the area regardless of it's listing office. This gives clients the opportunity to solely work with just 1 Realtor, which gives you a personal experience in your quest to find the perfect home. After many successful years at the areas top brokerage, Bill formed FLASH Realty Partners. Later Bill jumped at the opportunity to merge his company with One Realty Partners forming a true power house in the local real estate community & helping to build one of the top brokerages in growth, he decided he has done all he can there & moved to forming a new brokerage once again, welcome Milestone Properties

Do 46 Million Millennials Know They Are Mortgage Ready?