3 things millennials don't know — but really need to — about investing in real estate

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  • Millennials are expected to make up more than 50% of all mortgage seekers by the end of 2020.
  • According to a report by Realtor.com, millennials’ share of mortgage originations will shoot past 50% this year, surpassing the share of Gen X and Baby Boomers combined.
  • In a recent survey, Homie discovered millennials were vastly underprepared to make smart financial decisions when it comes to investing in their first home.  
  • Visit Business Insider’s homepage for more stories.

Millennials will make up more than 50% of all mortgage seekers in 2020.

According to a report by Realtor.com, millennials’ share of mortgage originations will climb past 50% this year, surpassing the share of Gen X and baby boomers combined, two generations whose share of national mortgage originations are now expected to fall to 32% and 17%, respectively. The last time home purchase originations made a similar impact was when Gen X’s claim of the market also rose to over 50% in 2013. 

That being said, Millennials, born between 1981 and 1997, aren’t all prepared to take on home ownership. Real estate transactions are complex, and in a recent survey of 1,000 millennial Americans on topics related to real estate, Homie, a real estate brokerage on a mission to streamline real estate tech, discovered that a vast proportion of them are underprepared to invest in their first home. 

Building on his company’s research, Homie cofounder and CEO Johnny Hanna shared with Business Insider the most shocking findings from his survey.