For many millennials, coming up with funds for a down payment is still a challenge. This new article from U.S. News looks at how some millennials overcame their homeownership challenges.
It could take a decade (or decades) for many members of the millennial generation to ditch student loans and become debt-free, but that doesn’t mean they want to delay homeownership until their late 30s or early 40s.
Instead, millennials are coming up with resourceful ways to balance the debt of a mortgage with their financial situations.
Allison Hines, a 26-year-old high school math teacher in North Carolina, made the decision with her husband Josh, a firefighter, to sacrifice a newlywed’s rite of passage.
“We couldn’t go on a honeymoon right away because of Josh’s job situation, so we planned on going over the summer,” Hines explains. “When the house process came up we had to decide what was more important: honeymoon or house?”
The couple ultimately opted for “mini-moons” and took cost-effective weekend trips. They then put their honeymoon fund, surplus wedding budget and monetary gifts from wedding guests toward a down payment.
