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Do Millennials Have It Harder?



  1. Do millennials have it harder?
  2. Why (or why not) do they feel like things are tougher for them?
  3. What sort of aspects of the housing market have changed to make their lives more difficult, as opposed to other generations?
  4. What ways do millennials clearly have it harder?
  5. What ways do they clearly have it easier?

1. Do millennials have it harder?
 
Martin: Overall no. Provided you have a good job and credit you can get a mortgage. The 2000's was a decade that ANYONE could get a mortgage. So looking back only to that decade...yes it is harder now.
 
2. Why (or why not) do they feel like things are tougher for them?
 
Martin: Generally speaking, millennials like to live in urban areas. Urban areas are more expensive than suburbs or remote parts of the country. With higher prices, a higher down payment.
 
3. What sort of aspects of the housing market have changed to make their lives more difficult, as opposed to other generations?
 
Martin: the biggest changes are:

  • Tighter lending guidelines compared to the 2000s
  • A more dynamic job market. The days of working for a company 30 or even 10 years is long gone. Banks are still looking for that ideal.

4. What ways do millennials clearly have it harder?
 
Martin: See answer 3
 
5. What ways do they clearly have it easier?
 
Martin: With parents now willing to give their "inheritance" while alive, many millennials get the down payment of their first home as a gift from their parents. Banks are very comfortable with "gifting".
 
 
 

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