{"id":66280,"date":"2019-07-17T15:18:26","date_gmt":"2019-07-17T22:18:26","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=66280"},"modified":"2020-10-06T12:58:35","modified_gmt":"2020-10-06T19:58:35","slug":"how-millennials-pay-for-mortgages","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/how-millennials-pay-for-mortgages\/","title":{"rendered":"One in 10 Millennial Homebuyers Say They\u2019ll Rely on Parents for Mortgage Help, Down From 17% Last Year"},"content":{"rendered":"<p><i><span style=\"font-weight: 300;\">Millennials this year are less likely to be taking creative measures like co-ownership or renting out rooms to afford a mortgage, according to a Redfin survey.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Millennial homebuyers in 2019 are less likely to take extraordinary measures to afford their mortgage payments, such as getting help from their parents or co-ownership with someone other than a spouse or partner, than they were last summer.\u00a0 Fifty-one percent of millennial homebuyers indicated plans to use one or more of these strategies to cover their mortgage payments, down from 60 percent last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin-commissioned March survey of over 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The findings in this report are based on the 1,000 respondents who were born between 1981 and 1996, the generation deemed \u201cmillennials.\u201d We compare the results with those from a similar survey we commissioned in July 2018. Both surveys asked all first-time homebuyers the question \u201cDo you plan to do any of the following to help you pay your new mortgage? Select any that apply.\u201d The results presented here are based on the answers that survey respondents selected to that question.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-66282\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/07\/Millennial-Homebuyers-Say-They\u2019ll-Rely-on-Parents-for-Mortgage-Help-2.png\" alt=\"\" width=\"1904\" height=\"1083\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/07\/Millennial-Homebuyers-Say-They\u2019ll-Rely-on-Parents-for-Mortgage-Help-2.png 1904w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/07\/Millennial-Homebuyers-Say-They\u2019ll-Rely-on-Parents-for-Mortgage-Help-2-300x171.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/07\/Millennial-Homebuyers-Say-They\u2019ll-Rely-on-Parents-for-Mortgage-Help-2-1024x582.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/07\/Millennial-Homebuyers-Say-They\u2019ll-Rely-on-Parents-for-Mortgage-Help-2-768x437.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/07\/Millennial-Homebuyers-Say-They\u2019ll-Rely-on-Parents-for-Mortgage-Help-2-1536x874.png 1536w\" sizes=\"(max-width: 1904px) 100vw, 1904px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Just 10 percent of millennial homebuyers planned to get help from parents or another family member to make their mortgage payments, down from 17 percent last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The share of millennial homebuyers planning on co-owning a home with someone other than their spouse or partner was cut in half, to 7 percent in March from 14 percent last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Eleven percent of millennial respondents in March said they planned to get a roommate to help pay their mortgage down from 14 percent in our July 2018 survey.\u00a0 Millennials this year were also less likely this year than last year to say they\u2019d rent out their home on a vacation rental site like Airbnb or VRBO, with just 10 percent planning to do so, down from 12 last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOver the last couple years, <\/span><a href=\"https:\/\/www.pewresearch.org\/fact-tank\/2018\/12\/11\/young-adult-households-are-earning-more-than-most-older-americans-did-at-the-same-age\/\"><span style=\"font-weight: 400;\">millennial household incomes have been rising<\/span><\/a><span style=\"font-weight: 400;\">,\u00a0 and America\u2019s youngest professionals now earn more than previous generations did at this age. As a result, they\u2019re needing less and <a href=\"https:\/\/redfin.com\/blog\/how-millennial-homebuyers-save-for-down-payment\/\">less help from family members<\/a> to buy a home,\u201d said Redfin chief economist <a href=\"https:\/\/redfin.com\/blog\/author\/darylfairweather\">Daryl Fairweather<\/a>. \u201cA lot of that increase in millennial household earnings has been driven by millennial women, who are working more and earning more than women of previous generations. Millennials may have postponed <\/span><a href=\"https:\/\/www.nytimes.com\/2018\/05\/29\/well\/mind\/millennials-love-marriage-sex-relationships-dating.html\"><span style=\"font-weight: 400;\">getting married<\/span><\/a><span style=\"font-weight: 400;\">, having children and buying a home while they got their careers on track, but now that they are more established in their careers and earning more, I expect to see more millennials buying homes and checking off those major life milestones.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thirty-one percent of millennials said they planned to work a second job to pay for their mortgage, up from 29 percent last year. This was the only measure we asked about to see a rise in popularity among millennial respondents.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In only eight months, millennial homebuyers plan to rely less on their family to afford their mortgage<\/p>\n","protected":false},"author":13087,"featured_media":66283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,97],"coauthors":[],"class_list":["post-66280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-millennial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - 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