Millennial Homeowners

The “alarming” way 1 in 3 millennials are financing their homes Say goodbye to those retirement savings

(Credit: Pixabay, U.S. Air Force graphic/Staff Sgt. Daniel Phelps)

About one third of millennials who buy homes are withdrawing from their retirement savings or borrowing against it to cobble together a down payment.

The finding comes from a survey conducted by Bank of the West of 600 millennials, aged 21 to 34, as cited by CNB上海千花网

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C. For those surveyed who hadn t yet taken the plunge into home ownership but w上海贵族宝贝

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ere pl上海贵族宝贝

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anning to, one in five are planning to use their retirement savings. Bank of the West s retail head Ryan Bailey called it an alarming result.

Millennials are so eager to become homeowners that some may be inadvertently cutting off their nose to spite their face, he told CNBC. About 98 percent of the millennials surveyed want to buy homes.

Going into retirement funds may be masking an even bigger underlying issue, according to some financial advisers.

If someone is contemplating dipping into retirement savings, they likely they haven t been able to save up 爱上海龙凤419桑拿

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the required down payment to buy the house in the first place, which likely means they don t have a good handle on their finances to begin with, as adviser Stephen Jordan put it to CNBC.

Another explanation could be their prior debt load: a National Association of Realtors report from last year found that 83 percent of the generation who wanted to purchase homes said student debt was holding them back.

A Bankrate survey recently found that only 22 pe上海同城对对碰交友社区

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rcent of millennials view real estate as a preferred investment. [CNBC]

Tags: homeownership, Real Estate Finance, Residential Real Estate
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