Eight Best Marketing Practices to Fund New Loans Faster

Join our expert panelists to learn which best marketing practices will help you get to your customer quickly with your best offer – and win their business for another loan term.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Behind the executive exodus at Fannie Mae

What's behind the wave of executive departures at Fannie Mae? It's not just money, according to former employees of the GSE.

2021 Agent Rankings now live

Today RealTrends + Tom Ferry announce the 16th annual The Thousand of America's top 1,000 real estate sales and professionals and teams.

Real Estate

Some Millennials say they plan on renting forever

Financial struggles are holding this generation back more than ever

Although Millennials seem to be taking over the housing market, nationally, 12.3% of Millennial renters say they plan to keep renting.

Last year, 10.7% said they plan to always rent, up over 2%, a study from Apartment List said.

For most, being able to make a down payment is the biggest struggle when it comes to purchasing a home.

In fact, nearly half of Millennial renters have no down payment savings, according to the study.

Another major barrier for this generation? Student debt. Even those who are debt-free are only saving about $100 more a month than those who have the burden of paying off loans.

Almost half of Millennials with no college degree have $3,221 saved for a down payment, while 50% with a college degree and debt have $8,200 saved for a down payment.

Meanwhile, 58% of Millennials with a college degree and no debt say they have an average of $18,914 saved for a down payment on a home.

According to the report, only 25% of Millennial renters will be able to afford a 10% down payment on a median-priced home in the next five years.

If student debt payments were forgiven, then the amount of renters able to afford a down payment would increase to 38% nationally, and more than 50% in some metropolitan areas like Minneapolis and Houston.

San Jose has the highest amount of Millennials who think they’re going to rent forever, 18.2%. Meanwhile, Nashville, Tennessee has the lowest amount, 3.6%.

However, 69% who say they plan on renting forever say it’s because they can’t afford to purchase a home, while 70% of those who are waiting to buy a home also can’t afford it at the moment.

Most Popular Articles

Fannie Mae gives go-ahead for digital verification

Fannie Mae has given mortgage servicers the green light to use third-party digital vendors to verify income and asset information. Mortgage tech firms are thrilled.

Jun 10, 2021 By

Latest Articles

Mortgage forbearance drops as expiration date nears

Mortgages in forbearance fell for the 15th consecutive week last week to 4.04% of servicers’ portfolio volume ― a 12 basis point decline, according to a survey from the Mortgage Bankers Association.

Jun 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please