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Young adults having tough time buying homes
Buying a home might seem like a huge expense for anyone but for those who are in their 20's and 30's home ownership often feels impossible.
According to a survey by Trulia about half of home-buying millennium's are asking mom and dad to help them with their down payments.
A local real estate agency is trying to help young people purchase their first home.
Economists believe college loans and the tough job market are two of the major reasons why young people aren't buying houses like this one
"Everybody is buying a house some people are buying it for themselves and some are buying it for their landlord."
Dan Geullahorn says so many young people turn to renting a home instead of buying one and building equity.
"30 year fixed rates are at historic lows. They have been for the last few years."
"Some of the misconceptions are that it costs a lot of money to buy a house and you need a large down payment. There are loans that offer no money down and provide closing cost assistance."
Tanner Cribb has worked at this Century 21 agency for 3 years.
He's in his 20's and can relate to young clients.
"The millennials, they are most comfortable with technology."
Just take a scroll through this Century 21 website. You can find all their listings. There are photos, videos and even virtual tours.
"We have to be where our clients are."
And young realtors like 26 year old Tanner Cribb know potential young clients like Jeff Caden.
"You get comfortable quick."
Jeff Caden bought his first home when he was just 22 years old. A few years later he owns another one and is in the market for a third, two of them are rentals.
"Once you see how easy it is, it just flows."
Caden says he too had worries when he first entered the housing market.
"Not having enough money, my credit; cause I didn't have much of a credit history."
But now having been 'around the block' a few times, he has advice for other young people.
"Work on your credit. Get a couple of credit cards and be wise with them."
For a few tips that young people can use during the home buying process log onto our website: weartv.com and check out the Newslinks section.