Struggling with debt and employment competition, Millennials are taking their time buying property.
— It’s a “dog-eat-dog” world out there in the economy these days. This year, the unemployment rate reached an all-time low, but don’t get too excited. The rate of retiring workers increases yearly, if not monthly. Baby Boomers have not been able to retire as early as planned, and are therefore creating competition in the workforce. Faced with high debts and workforce contention, Millennials are taking their time with approaching homeownership.
Another stat currently at a historical low is the homeownership rate in America. Home values and demand on the rise are forcing Millennials to rent. This is great news for investment property owners that are reaping the benefits of the generation’s debility.
“Many Millennials struggle to add homeownership into the equation of low employment wages and high student loan debts. It really is an intimidating financial equation for young people, but there are solutions and help available,” explain Lauren Lazalde, a mortgage loan officer that specializes in Orange County.
Studies and surveys show that many Millennials will seek financial help from personal relationships rather than from a professional advisor. This is not a good idea. Yes, parents and siblings offer great advice, however no two lives are the same, nor is the financial plan that corresponds. When considering homeownership, it is crucial to meet with a professional mortgage loan officer.
“Loan officers and mortgage brokers provide an entire financial plan to help clients attain their future home. There is a light at the end of the tunnel for Millennials; they just have to look for it”, says Lazalde.
Mortgage rates are starting to increase again from their historical low. Young homebuyers should seek the guidance of a professional mortgage loan officer due to all the changing vicissitudes our fine economy offers. Lauren Lazalde is professional mortgage loan officer out of Orange County.
Name: Lauren Lazalde
Organization: OGI Mortgage Bankers
Release ID: 100647