More millennials say their finances are in better shape

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.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at

Recent Posts

5 Ways to Keep Your Business Finance-Fit This Year

Keeping your business in good financial health isn’t something you can set and forget. Business…

8 hours ago

Builders voice concern as new home starts dip by 10% annually

Homebuilders say they’re becoming concerned that increasing numbers of buyers are pulling out of sales…

10 hours ago

America’s Top 10 Lawn Care Services For Homeowners

The average American spends over 70 hours a year working in their yard. 70 hours - almost…

12 hours ago

Why Mortgage Applications Continue to Decline

According to recent data, mortgage applications are at their worst in 22 years. Just a short time…

12 hours ago

Deciding Between A Personal Loan or a 0% APR Credit Card

Whether you are trying to save a down payment for a first home or need…

1 day ago

Why Real Estate Agents Should Advertise Their Listings Online

It's no secret that we're in the digital age, and real estate agents have had…

1 day ago