Millennial's and Home Ownership
A recent survey was conducted on Millennial's and their dreams of home ownership. The survey disclosed that the majority of millennial's would like to buy a home within the next 5 years. However, three out of four millennial's surveyed said they hadn't even started saving for a down payment, and the one's who have started saving had less than 25% of their down payment saved. Some millennial's were outright discouraged with the high expenses associated with home ownership, such as property taxes and home maintenance, that they felt home ownership had a negative social cost. Namely, 75% of the participants felt that home ownership had this negative social cost due to the fact that it would result in them having less money to spend on social activities,such as travelling and dining out.
While it is commendable that the survey participant's set a 5 year target to attain their home ownership dreams, I can't emphasize enough just how important it is...