Millennials Face a Few Obstacles Buying Real Estate in the Twin Cities
Millennials, who are comprised mostly of those in their 20’s and 30’s now, are entering the real estate marketing looking to purchase their first home. However, they are being met with a few obstacles. Many are burdened with a large amount of student loan debt, and they more than likely have been renting for some time at a high rate which has made it difficult to save for a down payment. Owning a home is still part of the American dream, but in the last few years the homeownership rate for those under 35 has been steadily dropping according to the US Census.
That being said, there is still hope. Millennials looking to purchase real estate in the Twin Cities should be spending time coming up with a plan, saving, and be prepared to compromise. Millennials looking to buy a home should first start by getting a handle on their debt to income ratio, aim to have a credit score of a minimum of 660, and fix credit problems.
When ready to purchase Millennials should be prepared to spend time looking as demand is high and the number of inventory homes is low. There are plenty of starter homes to be had in the Twin Cities region, but if priced right they sell quickly.
If you are looking to buy a home in the Twin Cities we would love to help.. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real Estateand West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065