Rising Rates Dampen Home Dreams for Anxious Millennials

Mortgage rates are at decades-high levels, making home buying more challenging. Financial experts advise being debt-free and having an emergency fund before buying.
Millennials and Gen Z may feel cynical about homeownership. Patience and avoiding FOMO is recommended, as renting and owning have different finances.
Holiday budgets are recommended to avoid overspending. Consider side hustles to earn extra income. Gift less material things and more experiences.
Median home prices and monthly payments are rising to all-time highs alongside interest rates. Stick to your budget despite social pressure.
There's an anxious generation about budgets and home ownership. Avoid giving kids more stuff, and gift financial wisdom instead.

nypost.com

Relevant topic timeline:

8/28/2023

'Ticket to Foreclosure' Dave Ramsey Warns Of This Mortgage Trap He Calls 'Dumber Than A Rock On The Surface'

Personal finance expert Dave Ramsey warns against adjustable-rate mortgages (ARMs), calling them a "ticket to foreclosure" and criticizing organizations like Experian for promoting them to keep people in debt. Ramsey explains that ARMs involve a "bait-and-switch" mechanism and can quickly become unaffordable if interest rates rise, leading to default and foreclosure. He believes that banks prioritize their own interests over the welfare of borrowers.

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'Be Pragmatic And Realistic': Kevin O'Leary Says You Should Do This Before Buying A House In The Current Market

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9/30/2023

Homebuyer Takes Risk with Adjustable Rate Mortgage Amid Limited Housing Supply and Rising Rates

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10/1/2023

Financial Pressures Mount for Americans as Mortgage Rates, Inflation Hit Highs

Despite high home mortgage rates and mounting financial pressures, financial expert Dave Ramsey advises potential homebuyers to take advantage of the current housing market as prices continue to rise, while also urging individuals to budget and plan ahead for holiday spending.

10/18/2023

High mortgage rates force first-time homebuyers to rely on family gifts for down payments, dampening builder confidence

The high demand from first-time homebuyers, coupled with a lack of supply, is leading many young buyers to rely on financial assistance from family members for down payments, creating a volatile housing market where "anything goes" to get deals done, warns National Association of Home Builders CEO Jim Tobin.

10/21/2023

Homebuyers Squeezed as Prices Soar and Mortgages Double

Rising prices and climbing mortgage rates are making it increasingly difficult for homebuyers to afford a home, as they are borrowing more money at higher interest rates, resulting in weakened financial positions and reduced affordability.

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Posted 10/1/2023, 10:04:00 PM