With countless voices weighing in on millennial homeownership challenges and trends, we wanted to spotlight one individual's story. Meet Mary! She's a copywriter, textile artist, and one of our brand new partner homebuyers! We were lucky enough to connect with her about her experiences. Here's what she had to say:
What challenges did you face pursuing homeownership?
"When I graduated from college, the economy was still trying to get back on track after the 2008 housing crisis, so it was difficult for me to find a well-paying job. Like many other millennials, I took out federal student loans for college, and because I didn't have the income to make big payments, I took forbearance and paid the minimum amount. Ignorance isn't always bliss, especially when student loan interest is growing to a scarily high number that's almost double what you took out in the first place. Around 2017 I pulled my head out of the sand and started a debit snowball to try to reduce my student loan debt and focused on the loans with the highest interest. With student loans around my neck and the way the market is right now, I didn't have the money to go over asking price for a home."
Mary is among the 25% of millennials who provide caretaking support to a parent.
"Living alone or with roommates was never a real option for me because I knew it would be more responsible to live with my mom, Billie. My mom has received disability since 1992 because of her Chronic Fatigue Syndrome, and now that she is 72, lots of other health concerns have surfaced. I feel better living with her so I can help her with daily tasks around the house and errands."
What does homeownership mean for you in the future?
"Homeownership means stability and having more control over my financial future. It means building equity in my home instead of paying rent to a landlord who doesn't care. My house will be easier for my mom to live in because there aren't stairs to climb like at our current apartment. I'm glad that my home is all on one level so we can both age gracefully in it."
At Habitat Wake, we are passionate about partnering with homebuyers like Mary and others who've experienced a lack of access within the traditional market. To learn more about our work please visit our website: www.habitatwake.org
*Statistics Source: AARP