Millennials: We’ve all heard the adjectives used to describe them… “entitled, spoiled, privileged”… but information about the housing market in relation to millennials doesn’t seem to support those notions.
HSBC did a survey regarding millennial home-buying, and found that 82% of Canadian millennials, who do not currently own a property, intend to buy in the next 5 years.
It’s no surprise that Millennials are needing to rely more and more on “The Bank of Mom and Dad” for financial support to help them get into that home.
They are unable to get into the housing market, because, it can be argued, that they do not have the same resources as generations before them.
Other than saving a down payment and budgeting, there are many other challenges faced by millennials as well, such as sluggish “wage growth and rising property values.” HSBC reported that 64% of non-homeowner millennials would need a higher salary to purchase a home. This kind of overall wage growth is unrealistic.
Overall, this type of housing market is pushing millennials further and further away from their housing dreams whilst making them more reliant on help from their parents or family to actually purchase.
Read more below:
Millennials are buying homes but many have parental help: survey
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