Spoiler alert: avocado toast has nothing to do with it.
There were over 700 submissions on an anonymous Google form in addition to dozens of public comments on the site. All of the stories are really interesting and they really show how different the millennial homebuying experience is compared to how things were when the boomers were our age.
"I purchased a mobile home. They sell for $40–60k. I pay $400 a month in 'lot rent.' Utilities are low, and it’s big enough for one person and a job. People tend to laugh that I live in a trailer park. But I’m 27 and none of my friends own homes. And when I sell, it’ll be a big down payment on something bigger.""I literally got hit by a truck. It was owned by a large shipping company.
We called our realtor friend, and we looked at five houses in one day. The house we fell in love with had been on the market for over 70 days, and the price had already been reduced by $25,000 . We put in an offer, and it was accepted the next day. They even agreed to cover closing costs! "Really look at your expenses and cut down to prioritize savings. Be willing to live in a starter condo or home in a less good part of town and work your way up. Get a place with two bedrooms and cut your costs by sharing your bills. It is so hard, but possible if you keep in mind that buying today doesn’t mean you have that home forever. Also be willing to learn how to fix things yourself. You can YouTube how to fix most issues and it will save you a bundle.
Once we put the whole thing into motion, contacting potential lenders and exploring what it could look like, we felt like things were going even faster than we could wrap our heads around. We still pay a PMI as our down payment wasn't all it should have been, but it is totally worth it. I fully appreciate that we were very lucky to have had the opportunity for extra income.
"I absolutely love being a homeowner, but I would not have been able to get to where I am without an immense amount of privilege and support. I wish it was enough to say that hard work is all millennials need to be able to own a home. But with inflation and how ridiculous the market is, it's really more about the leg up your parents can give you than how much money you make or how much you work.
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