- Millennials are changing homeownership thanks to financial struggles and rising housing costs .
- Millennials are waiting longer to buy homes and living with their parents or roommates until they can afford a down payment .
- They're also taking new measures to fast-track their path to homeownership, like moving to commuter towns , downsizing, or buying with a significant other.
- Visit Business Insider's homepage for more stories.
8 ways American millennials are changing homeownership, from moving to commuter towns to wiping out the starter home
Weekend Images Inc./Getty Images
Millennials have a lot on their plates.
They're juggling rising living costs, staggering student-loan debt , and efforts to catch up from the recession . As a result of their consequent struggle to save, millennials are delaying major life milestones like getting married and buying a home.
When it comes to the latter, it doesn't help that housing prices have increased millennials buying their first home today will pay 39% more than baby boomers did at their age, according to Student Loan Hero . Coupled with financial struggles, its causing millennials to change the way homeownership looks in America.
Buying a house isn't out of the question for millennials, but it can be harder. From moving to commuter towns to living with their parents, here's how millennials are going about buying their homes differently than the generations before them.
See Also:
- 7 of the world's most incredible new buildings in 2019, according to architects
- Before he was a billionaire, WeWork CEO Adam Neumann was broke. Here's the NYC building where he and his wife lived in a tiny apartment before he built a $47 billion company
- A look inside multimillionaire Jeffrey Epstein's real-estate portfolio, where sex trafficking reportedly took place and a $77 million Manhattan mansion may have been acquired for $0
SEE ALSO: 7 ways millennials are changing marriage, from signing prenups to staying together longer than past generations
DON'T MISS: Millennials are making 3 key decisions that are wiping out the starter home and it's changing what homeownership in America looks like