Why Millennials Are Not Buying Houses

Why Millennials Are Not Buying Houses

Millenials on the beachMillennials – young people born after 1980 – are delaying marriage and can’t afford to move into their first home because of soaring house prices. 36% of adults aged 18 to 31 still live at home with their parents.

Fewer young adults are leaving home early, getting married or buying their first home. More are still living with their parents in their 20s and even early 30s.

Why the Young Aren’t Flying the Nest

One of the main reasons for this is the huge cost of tuition. Once they graduate from college and university, they are saddled with a large debt that take a chunk out of their disposable income. They cannot spare any to save for buying a house. 71% of recipients of bachelor’s degrees leave university with a loan to pay off.

A poor job’s market is also to blame. There are fewer jobs available today than there were in the 1960s. The unemployment rate for people in their 20s with a BA is 13.5%.  For those in work, wages are comparatively lower. The starter rate given to young workers makes it difficult for many to raise enough for a down payment on a home.

Down Payment Help

Wasatch Peaks Credit Union explains that down payment assistance in the Ogden area is available to local young adults to help them purchase their first home. Down payment assistance programs offer loans or grants to cover the cost of a down payment.

For example, if a first-time buyer wants a $200,000 home, they would need $6,000 for a 3% deposit on the property, an amount that would take five years to accumulate if they could save $100 a month. An assistance program might offer a 2% deposit that would either eliminate the cost or cut it down to a period of months.

Poor job prospects, low wages, student loans and high house prices are keeping young adults in the parental home longer, but a down payment assistance program can help them own their first home.

Millennials – young people born after 1980 – are delaying marriage and can’t afford to move into their first home because of soaring house prices. 36% of adults aged 18 to 31 still live at home with their parents. Fewer young adults are leaving home early, getting married or buying their first home. More are still living with their parents in their 20s and even early 30s. Why the Young Aren’t Flying the Nest One of the main reasons for this is the huge cost of tuition. Once they graduate from college and university, they are saddled with a large debt that take a chunk out of their disposable incom ...

Give Your Home a New Face by Installing Quality Wall Cladding

Give Your Home a New Face by Installing Quality Wall Cladding

Wall Cladding When you feel that your house has lost its vitality, then a new look may be the answer. You can make use of wall claddings to give your home a makeover without bleeding your budget.

There are a number of different approaches when it comes to enhancing the look of your home. But nothing comes close to the beauty a wall cladding can give. This simple enhancement can make all the difference you want and it is truly affordable too. So if you are in the process of making a decision on how to best enhance the look of your home, perhaps you would want to consider installing claddings. Here are some of the reasons why this may be a good option for you at this time.

A Meaningful Accent

Claddings add depth and meaning to your wall. Beautiful Homes noted that you can enhance the look of your home, make it glamorous, rustic, or whatever you want using these claddings. It can accord a fresh and beautiful look to your home that is way better than just adding a new coat of paint. You can choose from a variety of different claddings from wood to stone and concrete depending on the make or construction of your wall. Whatever type of cladding you choose, it will definitely give a whole new meaning to your home.

More Functionality

If you think that claddings are only for aesthetic reasons, then you have got another think coming. Apart from the beauty and the freshness it adds to your home, it also provides you with better insulation and protection. When used on the exterior portion of your home, claddings, particularly those made of concrete or stone, can protect your wall against moisture. With better insulation, you need not turn your air conditioner or heater to maximum power during summer or winter, thereby reducing your monthly utility cost.

Less Maintenance

Another benefit of using claddings is that it does not require a lot of maintenance. This is in accordance to what Vanguard mentioned. When you paint or varnish a wall, you may need to retouch it after some period of time. Why? For the simple reason that paints and varnish fade with time, meaning its vibrancy and lustre can slowly disappear. With claddings, your wall will continue looking like new and fresh.

More than just beauty and depth, claddings can add a certain degree of elegance to your home. In fact, homes with claddings installed on its walls have been known to fetch a good valuation when it comes to selling or applying for a mortgage. In a way, not only does it add magnificence to your home, it also increases its value. So if you are looking for a way to make your home more beautiful, try adding wall claddings and you will certainly be happy you did.

When you feel that your house has lost its vitality, then a new look may be the answer. You can make use of wall claddings to give your home a makeover without bleeding your budget. There are a number of different approaches when it comes to enhancing the look of your home. But nothing comes close to the beauty a wall cladding can give. This simple enhancement can make all the difference you want and it is truly affordable too. So if you are in the process of making a decision on how to best enhance the look of your home, perhaps you would want to consider installing claddings. Here are some of the reasons ...