What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

MortgageReal Estate

Millennials, Gen Xers and Baby Boomers agree: They don’t make enough to buy a home

Increasing debt and high cost of living is holding generations back

Credit card debt, student loan debt and high cost of living are some of the factors cited by Bankrate for reasons people can’t afford a home. 

One common trend the survey found across Millennials, Gen X and Baby Boomers? Their income isn’t high enough, and that is what’s holding them back from buying a home. 

There were 52% of Millennial non-homeowners who wish they owned a home that said their income wasn’t enough; 54% of Gen Xers and 55% of Baby Boomers shared that same sentiment.

Beyond that, the survey showed that just over half of all U.S. adults said they didn’t know the minimum down payment required to buy a home. 

Nearly a quarter of Millennials say that student loan debt is holding them back from buying a home, while 15% of Generation Xers and 5% of Baby Boomers said the same. 

Millennials are also turning to assistance programs and their retirement savings in order to make a down payment on their first home, Bankrate said. 

Other than dipping into other savings, 33% of Millennial homeowners said they used a down payment assistance program or grant, while a similar amount of Gen Xers, 27% to be exact, said they also used an assistance program. 

Although coming up with the money to make a down payment seems to be a struggle for most generations, 53% of Millennials, 47% of Gen Xers and 45% of Baby Boomers said they saved up enough money to make a down payment and afford the closing costs of their new home.

Most Popular Articles

FHFA extends forbearance period to 18 months

In an effort to protect homeowners, the FHFA extended forbearance coverage to 18 months and pushed the eviction and foreclosure moratorium to June 30.

Feb 25, 2021 By

Latest Articles

How lenders can prepare for growing fraud threats

HousingWire recently spoke with Jeffrey Morelli, general manager at Truework, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy.

Feb 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please