More millennials have been able to get a handle on their mortgage repayments over the last year, meaning they’re less likely to ask for help from parents, work a second job, or find a roommate to share costs, according to a new Redfin survey.
The survey of 1,000 adults born between 1981 and 1996, found that millennials are overall more confident about their financial situations, and that more of them believe they’ll be able to afford a mortgage without taking additional measures.
“Over the last couple years, millennial household incomes have been rising, and America’s youngest professionals now earn more than previous generations did at this age,” said Darl Fairweather, Redfin’s chief economist. “As a result, they’re needing less and less help from family members to buy a home.”
Fairweather said women have driven the bulk of the increase in millennial household earnings, as they’re working more and earning more than women in older generations did.
“Millennials may have postponed getting married, having children, and buying a home while they got their careers on track, but now that they are more established in their careers and earning more, I expect to see more millennials buying homes and checking off those major life milestones,” he said.
Now, just 10% of millennials say they will need to get help from their parents in order to obtain a mortgage, down from 17% just one year ago. In addition, the number of millennials who say they plan to co-own a home with someone other than a spouse or partner fell from 14% a year ago to just 7% today.
However, some 31% of millennials said they may need to take a second job to be able to afford a home, compared to just 29% one year before.