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.
Martin: the biggest changes are:
4. What ways do millennials clearly have it harder?
- 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.
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".