How the Pandemic Is Helping Some Millennials Realize Their Home-Buying Dreams

This year’s coronavirus pandemic and the accompanying recession have turned a lot of people’s financial plans upside down. But those millennials who’ve been lucky enough to hang onto their jobs are fast-tracking their plans to buy a home, in part because the pandemic is helping them do so.

The nation’s largest generation has been helped by record-low mortgage interest rates, according to a recent® survey. Those low rates are helping to offset home prices that are at an all-time high in many places.

In addition, the survey results show that stay-at-home orders have helped these 20- and 30-somethings save money they might otherwise have spent going out, thus helping them amass a down payment.

The report is based on a June survey of 2,000 home shoppers who plan to purchase a home within the next year. Those planning to buy a home, of course, are more likely to still

Read More

2 home-buying mistakes I’ve seen during the pandemic

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

In 2008, the housing industry was spiraling out of control in the wake of the financial crisis that led to the Great Recession. For me, it doesn’t feel like very long ago that US housing prices were down 30% or more from their peaks, and more than 20% of homeowners were underwater on their mortgages. 

But what a difference a bull market makes! Fast-forward to 2019, and we know the housing market didn’t just rebound; it looked stronger than ever last year. Although some feared it would only take one triggering event to derail the market again, in 2020 we’ve seen that even a global pandemic that caused havoc elsewhere

Read More