Millennials have lower rates of homeownership than previous generations –but why? And more importantly, what can your lending business do to increase those numbers!
Made possible with a grant from Better Mortgage, the Urban Institute conducted a study to find out more about the obstacles that Millenials face in homeownership.
These are some of the key findings:
- Student debt significantly hinders Millennial’s ability to afford a mortgage
- Millennials often live in high-cost cities where there is less real estate available for purchase
- Millennials are delaying marriage and starting a family, hence put off buying a home
- Homeownership rates among Millennial minorities have dropped
Here’s what you can do to help your Millennial prospects to buy a home:
- Provide Millennials with information that will help them reduce debt (like blog articles, email newsletters, workshops, etc.)
- Make the mortgage application process more accessible with products such as a digital 1003 (including a Spanish version 1003), a mortgage mobile app where they can compare home loan options, and ability to upload docs securely to a cloud to minimize waiting time for approval.
- Download the full report! Urban Institute did all the work and Better Mortgage flipped the bill –take advantage of this free information to gain new insights about your Millennial prospects.