Millennials Finances – Hey, Millennial’s, this is Mike, let’s give you an update on your finances. Let’s go ahead and discuss what you have going on. What percent of you guys currently own a home rent to home, live with your parents? Or are homeless? Well, that’s really scary, that’s a percentage and what percentage of you guys financed your homes with credit cards? Yeah, you did that a higher percentage than I thought.

So what we’re going to do is we’re going to split the screen and we’re going to share some information. And let’s go over here and take care of that for us, Omkar. Perfect. All right, so here we go, millennials and their finances. And did you know that an average millennial has forty thousand five hundred dollars in credit card debt currently and some of that is from financing their home purchase with.

So let’s go ahead and take a look at this. Millennials have a very specific age range and they also kind of get bashed in the news by their parents, all types of different things. But what we want to do is see what their home finances look like and how they’re doing those types of things. So as we scroll down here, we’re going to see some nice charts.

And these are interesting. So we end up going ahead and taking a look. So this is the first topic that we went over here. What percent of millennials currently describe themselves as having each of these different situations? We have nearly 60 percent of them own their own home. So congratulations. That’s looking really good. It’s a lot higher than I kind of thought.

Renters, we are just shy of of 30 percent live with their family still is a little over 10 percent. I thought that number is going to be a lot higher. I’m shocked. Congratulations. And I’m really, really scared to see the homeless that that shows up at all. So that’s a scary thing here for you guys. But anyways, now we have that covered. As we scroll down, we’ll see a couple of different items.

This is a very recent report that just came out. And what we’ll see are some different percentages. How long have you owned your home? So a bunch of them have owned it for over 10 years. So these are the older millennials that bought homes when they were a little bit younger and in different economic times.

And we see that we don’t have that many of them getting into the market recently. So as we walk through this, you know, we kind of see that a lot of them have had it for a long time. And then how do they finance the home purchase? You know, mortgages are the traditional way of cash. So that’s impressive that they ended up having that much cash to put down. And I don’t know, these numbers absolutely add up because if you took a mortgage and cash and added them together, you’re way over one hundred percent. So apparently a percentage of these people must have funded it with.

So they must be saying that mortgage plus cash down payment equals what percent. So there’s a multitude of different ways. But credit cards, that’s a scary number of people that have actually put some of either their down payment, mortgage payments or the whole thing, I suppose, on a credit card. So help from friends and family that is traditionally done for first time home buyers at a pretty high percentage and then taking a loan out against your retirement savings.

Also, I guess I don’t have a problem with that if it’s a 401k loan in the right situation for yourself. So anyways, now we’ve kind of covered that whole topic for us, this link to the article we’re going to put down in the description. So we’ll see that for you. You guys can scroll on down there as you go by the like button. Just jam right on that bad boy, hit it in the description and you’ll have a link to the whole thing. And you can read just a little bit more if you’d like to get some information yourself.

Episode Recorded Live on YouTube 4.19.21

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