3 Ways For Millennials To Save For A Home
So read a front page article in the Real Estate section of the Sunday OC Register. It’s true that the types of housing many MILLENNIAL want with modern looks, and high tech, and “green” friendly, can be pricey with rising rents everywhere in OC. That loft downtown, or vintage home updated can cost some bank. So, what is a MILLENNIAL to do? Many of the older M’s (25-35) are opting to live at home with extended family and save, save, save. And instead of buying that entry level home, they are going straight to their “forever home.” Not necessarily the final home, but starting with a bigger home. That might explain why over 22% of the buyers last month were still absentee owner; either investor or second home purchases.
- AUTOMATE YOUR DOWN PAYMENT SAVINGS — In other words, pay yourself first and have it go right out of you auto deposit and into a separate savings account.
- BUILD YOUR CREDIT HISTORY AND KEEP IT CLEAN — The higher your FICO score, the lower your interest rate and that means for affordability and bang for your buck.
- PRACTICE LIVING ON A BUDGET — No one likes it, but try it for 6 months, living at the level you would need to afford your house payment.