Misperceptions at heart of millennial homeownership hesitancy

  • NerdWallet released a new study on millennials and homeownership. They found that millennials want to become homeowners, they just believe it's not possible.
  • Some of the perceived barriers to homeownership are an inability to save for a down payment and unaffordable monthly payments.
  • But, the study found the average millennial will only pay $925 per month, which leaves them with a 25 percent debt-to-income ratio. Lenders usually look for a 28 percent debt-to-income ratio when evaluating applications.

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Some recent findings would lead people to believe that millennials don’t want to become homeowners. But NerdWallet, who released a new report of their own, says that assumption is incorrect.