30 Times Millennial Homeowners Shared Their Struggles Before Purchasing a Home, and the Posts Are Eye-Opening
The American dream is to purchase a house, but how possible is that for millennials?
It's a well-known fact that millennials have an especially difficult relationship with the real estate market. What's more, not being able to afford the cost of a home, they often find themselves without one.
When people born after World War II (commonly known as baby boomers) and Generation X reached their thirties, rapid development and suburbanization provided somewhat affordable housing options. For them, part of the American dream was to purchase a house.
However, looking at the current market, the possibility seems baffling, and without a doubt, renting an apartment often becomes the only choice. Twitter user, Josh Kruger, a Philadelphia-based writer and commentator, initiated this thread.
He requested that homeowners share how they managed to afford the initial down payment and the closing costs of their homes. The thread's author also shared that he was able to purchase his own home, thanks in part to his father covertly maintaining a few life insurance policies for him.
He could only access these funds upon his father's passing, and they covered the down payment and closing costs for his home. Josh concluded in another post, stating that only a couple of choices made by his father and fate enabled him to make the purchase.
1. Buy a 2-4 unit building
mrjeffhead2. Followed by this...
@JoshKrugerPHL3. Stay out of expensive metros
BeezyManzell
4. I was able to manage the savings involved
M_Hargrove
5. Got mine through a first-time homeowners program
Guavah_Go
6. We don't shy away from that fact
mskelleyware
7. Stock from one of my first jobs
dennisnahas
8. It gets pretty intense
SFDenyse
9. We emptied our savings along with other resources
janakg5
10. My wife and I were able to save up
mrncorbett
11. The calculations are endless
imchristiepitts
12. Saved up for the down payment
FinFanTragedy
13. My company's stock price exploded over the years
erich_owens
14. Look into the NACA program
AtCarrieG
15. Through a first-time homebuyers program
E_Fish
Read David Bach, a financial author, who states, "The biggest financial mistake people make is not understanding the true cost of homeownership." His insights reflect the struggles many millennials face in navigating the complex journey to homeownership. For more on this topic, check out his resources on financial literacy.
16. From a 401(k) loan
KHJ_Esq
17. Made it possible without outside help
PhDBee
18. Mine was 100% generational wealth
Julephenia
19. From the original thread writer himself
JoshKrugerPHL
20. Bought a fixer-upper
SCWKorsgaard
21. Here's my own story
jefgodesky
22. We qualified for a low-income grant
RandyLoBasso
23. The starting thread
@JoshKrugerPHL
24. Such a touching story
nienna121
25. Almost everybody had a little help
CrystalMarieCom
26. My parents gave us a down payment gift
The_Same_Device
27. Got a full-time job for $20 an hour
speakwright
28. I was my dad's life insurance policy beneficiary
babbymd
29. We'd be priced out forever
RMWhaley
30. My wife and I were able to save up
Angststern
31. Bought a home in Ypsilanti
cathey__amber
32. Purchased mine with my parents' support
ChemistTom
Truth be told, particularly in this uncertain economy, not many millennials have the funds to afford a house. It is only under extremely exceptional conditions that you see a millennial who owns a home, and they might acquire it through various means such as stocks from school, inheritance, etc.
Drop your thoughts about this post in the comments.
