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Buying and owning a home in today’s market looks much different than it did 50 years ago, especially for those new to the homeowners scene. For millennials specifically, buying a home is a much more difficult investment today compared to generations past due to the rising costs of homes and condominiums combined with an average salary not sustainable enough for homeownership. However, many millennials are making do with what they have.

Contrary to the popular belief that millennials are financially irresponsible, many understand the value of buying real estate and, because of this, are budgeting accordingly; something that may surprise older generations. According to Anna Davies of Refinery29 alongside Chase Home Lending, 66% of millennials, whether renting or currently owning a home, understand the financial benefits that come with buying a home, and consider it the best long-term investment one can make.

Given the sociological differences that exist today when compared to decades past, people are longer waiting to get married or reach a certain level of income before buying a home. There are no longer “set milestones,” necessarily, that dictate when it is the right time to buy. More and more individuals are seeking out homes with the basic understanding that such an investment will prove highly beneficial for their futures.

Once the home is purchased, more often than not, renovations to some degree will be sought after. The trouble with that, however, is cost. According to the same study conducted by Refinery29 and Chase, roughly 69% of millennial homeowners claim that they will borrow money to fund their renovation projects, which primarily focus on kitchens, outdoor living areas, landscaping, and bathrooms. Rather than seeing this as a lack of funds on millennials parts, consider the fact that they are aware of what they can and cannot afford, thus saving money in the process.

Of millennials who currently rent homes or apartments, 56% of them consider owning a home a goal of theirs, even those who may not be financially ready at the moment. Younger generations are well aware of the importance of owning real estate, even if that stage in their lives is quite a ways away. Rushing the process can result in a significant burden. It’s always best to do your research, understand your financial goals, and address any shortcomings that may prevent you from one day owning the home of your dreams.