“Despite millennials’ reputation as a transient generation that’s not ready to settle down...the National Association of Realtors 2015 report on generational trends found that millennials, who are currently between ages 25 and 34, make up the largest share of homebuyers at 32 percent. Even more striking, millennials now constitute 68 percent of first-time homebuyers. That percentage might soon grow even more: A survey…released in July found that just under half of millennials will be looking to buy their first home over the next two years…
Dennis Delaney, partner at the law firm Hemenway & Barnes LLP in Boston, says buying a home can be a smart choice for millennials, as long as they are ready to settle down in it for more than a few years. ‘Having a home base or an anchor in your life is good to ground you,’ he says, in addition to having a monthly payment to build net worth.
One way to figure out if you’re ready, he says, is to ask yourself if you’ve been able to consistently make progress toward your financial goals during the last year and a half. ‘Have you been putting more money into savings? Have you refrained from impulse purchases?’ Once you’ve saved enough to make a down payment, then you’re probably ready to go house shopping, he adds.”
