Millennials and the Challenge of Homeownership

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As a Millennial on the uppermost end of the spectrum, I feel the homeownership idea is a bit less of an issue for me since I was born in 1997. Despite this, I am still hesitant to even consider buying my own house when I graduate from college. Everything in today’s world is continually becoming more expensive and jobs are less readily available. The jobs that are available do not pay enough for me or any millennial to be able to afford to own a house and pay for everything that comes with it. We are forced to remain in our family home and rely on our parents for our basic needs until we can establish a steady job and income and that can be difficult. There is a multitude of pros and cons that puts me on the fence with the decision to buy my own house after college. One of the pros of owning my own house would be the independence. I know that one day I will have to move out of my parents’ house so learning to be independent is a necessary skill for me. I need to be able to clean my own house, do my own laundry, make my own meals, pay my own bills, and have my own car. Being able to do that at such a young age would be beneficial, but in reality is a bit too good to be true. If I moved out immediately after college and didn’t have a solid job, I wouldn’t be able to afford a house, a car, bills, or even groceries. …show more content…

They come out of college already thousands of dollars in debt and adding another loan would be detrimental. Most also struggle to find a job right out of college and cannot afford the bills and expenses of owning their own house. They do not have a stable environment and therefore owning a house becomes more of burden than a learning situation. The jobs that are available are not sufficient to give millennials the money they need to afford a house and its expenses. Everything is working against the millennials being able to afford their own homes and be independent at an early

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