Gen Z And Millennials Talk About Buying Homes

22.

“Elder Millennial here. I bought in 2018. Had no cash in hand. Utilized a program from my lender for low/moderate income buyers (not me) or those buying in low/moderate income zones (me), that required only 5% down. Took a 401(k) loan for the down payment/closing costs on a $160k Philly townhome. Mortgage payment even with PMI is less than the rent on my previous two-bedroom apartment in the same neighborhood.”

“The process was easy, but then again I’m familiar with it working in banking for 15+ years. I’d wager the biggest struggle for most millennials and Gen Z is the cash for down payment and closing. To that end, ask about low down payment programs from your lender and/or hope to god you have some of those money bags Boomer relatives that can gift you cash.”

—u/ineedyoursway

“The whole buying in 2018 thing is the real trick here.”

—u/bpat