James Rawlson | Are Millennials Ready To Be Homeowners 

Although most millennials are still in the process of renting, some are starting to steer towards the housing market and make life-changing decisions about becoming homeowners.  The question is, are they ready?  According to an article written by Angela Colley, entitled, So You Think You’re Ready to be a Young Homeowner,“Even though more millennials plan to buy a home in 2015, your first home purchase can still be a scary proposition. After all, how do you know if you’re too young for homeownership?” (Realtor.com).

Colley’s first piece of advice for millennials before buying a home was to know where they are going to be in the next ten years of their lives.  She explained that, “Buying a home is a time commitment.  If you sell too soon, you won’t build up any equity and you might take a loss on the deal,” (Realtor.com).  That being said, a millennial shouldn’t buy a house unless they can be sure that they’ll be living in the same place for a minimum of five years.  This becomes hard for that age group to commit to because they are just starting to get fixated in the workforce and comfortable with their current employment positions; not to mention the yearn to live in various cities is a strong one when you’re young.

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