Millennials’ Obstacles to Buying a Home

What are the major hurdles to home ownership for Generation Y? According to a national survey of 2,000 millenials, top concerns were:

1. 64% said that they have trouble saving enough for a down payment
2. 32% said their credit was not good enough
3. 32% said they were too wrapped up in student loan debt
4. 25% said they didn’t even know where to start
5. 14% said they were burdened with too much credit card debt

But there’s some good news…

55% percent of those surveyed said they plan to purhase a home in two years and 40% said that recent reductions in mortgage insurance premuims have favorably influenced them to make a home purchase. Source: Carrington Mortgage Service, LLC and OnePoll