Millennial’s are changing their lifestyle by cutting back on spend if it means they will own a home sooner. “According to a new survey of 1,000 millennials, ages 22 to 38, by Chase Home Lending. Seventy percent of young adults say they’re willing to cut back on weekend activities, such as shopping, going to the movies, and splurging at the spa, at least once a month if it meant they could purchase a home in the next 12 months, the survey shows.” (magazine.realtor.com)
The survey showed that women are more likely than men to cut back on spending; if that means they will achieve homeownership. Millennials want to talk about homebuying topics; like what it takes to buy a home, the prices, and the neighborhood options.
“Seventy-one percent of women say they’re willing to discuss homebuying topics with friends, and more than 50% of men are likely to engage with or post about a homebuying topic on social media.” (magazine.realtor.com)
“Millennials are hyperfocused on their personal path to homeownership,” says Amy Bonitatibus, chief marketing and communications officer for Chase Home Lending. “Both mature and modern, they understand that this is a momentous decision and are completely committed to making it a reality. And despite common misconceptions, they’re planning ahead, making smart financial decisions, and are willing to adjust their current lifestyle to make homeownership possible.” (magazine.realtor.com)
In fact, millennial’s are putting so much time in preparing for their first home most of them feel financially ready.