Statistics indicate that a staggering 25% of Millennials will face indefinite renting, with only 40% owning homes, starkly contrasting prior generations like Gen X and Boomers.
While there are pros to renting, such as ease of mobility and no property upkeep, the lack of homeownership prevents Millennials from building generational wealth.
To navigate the challenging housing market, first-time buyers should get pre-qualified, enabling them to understand what they can realistically afford.
Several government programs, including FHA and VA loans, offer promising pathways for Millennials seeking to own homes, though they often come with specific limitations.
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