Are you in the “Millennial” generation? If so, there may be good news about buying your first home! A recent survey reported in the January 29, 2018, edition of “Market Watch,” revealed that of the 2,000 queried working millennials aged 23 to 37, 47% have accumulated $15,000 or more in savings and 16% have at or over $100,000 in savings. These assets includes savings, IRS, 401(K) and other retirement or investment accounts.
This up-and-coming age group is also just as likely to manage and plan a budget as their generational predecessors – Generation Xers and Baby Boomers. They worry more about money having grown up in a recessed economy, and they tend to keep finances separate from their spouses, another change in how previous generations handled joint assets. With high student loan debt and more money spent on groceries, gas, food and cell phones, this younger age group has to undertake a completely different mindset in order to insure future financial security and the survey indicates they are well on their way.
What all of this means for the emerging Millennial is more home buying power, with more accumulated savings and budgets in place to reach their financial goals. Residential Mortgage Corp can help you achieve your dream of buying your first home with many financing options that suit the “Millennial Strategy.” Click here to get a free, no-obligation consultation with one of our qualified loan officers, submit a complete mortgage application on line, or call our office at 910-483-1211 to see how Residential Mortgage Corp can help get YOU into your first home!