I’d venture to say a big chunk of those folks inherited wealth. Most millennial homeowners I know inherited money from grandparents, aunts, uncles, and/or parents.
And like many who inherited wealth, these folks often make up their own little rags to riches story about how they got where they’re at.
Misleading statistic. This doesn’t include parents/grandparents who buy houses and then put their kids name on the title. Nor does it include when parents pay for all their kids college expenses, or rent, or their cars… etc…
Yeah, my wife and I didn’t inherit any money or get any kind of gift for a down payment but we wouldn’t be homeowners unless our parents paid tens of thousands into each of our college educations.
Yeah for sure, a vast majority of people in the United States receive financial help from their family. 70% or so. Less than a third don’t.
Which I guess swings us back to the surprising fact that a broad majority of millennials can afford a home and a simple majority already own one. Just seems crazy.
I’m a millenial but not one of those people you’re describing, and I have actually paid my condo off.
The keys for me:
No kids
I job hopped in (what at least used to be) a high-paying field (tech)
I moved job markets from a low COL (cost of living) market to a high COL market
No student loan debt for me (my mommy and daddy paid for my tuition to a local state school 🫶 ), minimal student loan debt from my wife (~5k)…which I paid off after we got married
I don’t give a shit about cars…I drove used cars until I could comfortably buy a new one cash
We only have one car between the two of us
I moved rather than paying higher rents, and I often lived in really crappy apartments because they were cheaper (I do not recommend btb)
Healthy helping of luck involved, and definitely support from my parents by way of room and board until I was like 23, tuition, small car loan of ~8k after I graduated. However, I paid them back in full for the car, and I’m the only one of my siblings not to hit up Mommy and Daddy regularly like an ATM. I fucking hate debt with a passion (or even really temporarily owing someone else anything) and have basically never carried large amounts of it outside of when I had my mortgage for my condo.
(My neuroticism around debt is probably why I paid off a historically low rate mortgage…if I would’ve sunk that into the stock market or something instead of paying it off I probably would’ve made a fortune.)
I inherited about $10k when my dad died. It was enough for a 10% down home loan in 2013 (along with my savings). I’ll probably never move out of this house at this rate.
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I’d venture to say a big chunk of those folks inherited wealth. Most millennial homeowners I know inherited money from grandparents, aunts, uncles, and/or parents.
And like many who inherited wealth, these folks often make up their own little rags to riches story about how they got where they’re at.
Roughly 3% of Millennials have inherited money according to the findings in Northwestern Mutual’s 2024 Planning & Progress Study.
Misleading statistic. This doesn’t include parents/grandparents who buy houses and then put their kids name on the title. Nor does it include when parents pay for all their kids college expenses, or rent, or their cars… etc…
Yeah, my wife and I didn’t inherit any money or get any kind of gift for a down payment but we wouldn’t be homeowners unless our parents paid tens of thousands into each of our college educations.
Yeah for sure, a vast majority of people in the United States receive financial help from their family. 70% or so. Less than a third don’t.
Which I guess swings us back to the surprising fact that a broad majority of millennials can afford a home and a simple majority already own one. Just seems crazy.
Did they though?
Many elderly end up being forced to sell their home and empty their retirements on nursing home costs. Leaving nothing to their descendants.
The ones that die at home or unexpectedly would be the ones that leave something behind in our capitalist wasteland.
I’m a millenial but not one of those people you’re describing, and I have actually paid my condo off.
The keys for me:
Healthy helping of luck involved, and definitely support from my parents by way of room and board until I was like 23, tuition, small car loan of ~8k after I graduated. However, I paid them back in full for the car, and I’m the only one of my siblings not to hit up Mommy and Daddy regularly like an ATM. I fucking hate debt with a passion (or even really temporarily owing someone else anything) and have basically never carried large amounts of it outside of when I had my mortgage for my condo.
(My neuroticism around debt is probably why I paid off a historically low rate mortgage…if I would’ve sunk that into the stock market or something instead of paying it off I probably would’ve made a fortune.)
I inherited about $10k when my dad died. It was enough for a 10% down home loan in 2013 (along with my savings). I’ll probably never move out of this house at this rate.