Livermore Property Managers continue to examine home buying hurdles for millennials.
LIVERMORE– Millennials choosing to rent over a home purchase is not exactly news, however a new study released explores the reasons why this generation is not purchasing, and also breaks down the answers into categories for specific regions across the US.
According to the survey results, millennials in California and other western states are split down the middle between two points–one being uncertainty about credit and low scores, and the other point is not knowing where or how to begin the process.
“The greater debt they [Millennials] have, the lower the FICO score they think they have, but it’s not true,” stated Ray Brousseau, Executive Vice President of Mortgage Lending at Carrington Mortgage Services whose research is used in the results of this study. “There’s good debt, and there’s bad debt,” he continued, referring to the differences between student loan debt and credit card debt, “One is tax deductible, and the other is compounded daily.”
Another reason for millennials watching from the sidelines is familiarity with their current lifestyle, as they view owning a home as being tied down. Many are already burdened with large amounts of student debt, credit card payments, and they view homeownership as yet another item to strap them down for an extended period of time.
Livermore property managers are seeing an increase in business as ‘generation rent’ continues to delay home ownership. As a leading Livermore property management company, Real Property Management One recommends all Livermore investment property owners to be accommodating to millennials as they becoming long term tenants, and will usually spend more for the perfect fit for them and their families.
Real Property Management has over 25 years of experience in the property management industry and offers services to property owners in the Tri-Valley and beyond. As a full-service Livermore property management company, our services vary from advertising, financial reporting, screening, evictions, tenant applications, leasing, rent collection, maintenance and evaluations. For more information on how you can benefit from the services Real Property Management One has to offer, visit www.realpmone.com.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
