It is no doubt that the pandemic has changed the way we think about what is important in life. We are learning how to celebrate others on birthdays and graduations. We are learning to appreciate what we do have and, most importantly we are learning that there is no right way to live life. Some milestones that we considered important are getting pushed back, while some are taking advantage of this bleak situation.
When talking about millennials, there are two subjects that never go away:
1. Millennials are insufferable, and
2. Millennials won’t ever get it together enough to buy a home. The one beacon of hope in this whole pandemic is that one of those will be proved wrong, and, yes, millennials will still be insufferable.
Because of the pandemic, millennials finally have an opportunity to buy a home as home prices and mortgages drop. Although the projection for millennial homeowners in 2020 was already high, this drop in price alludes to an even bigger rate of homeownership by that generation. The homeowner rate before the pandemic was 65 percent for the first quarter of 2020, a one percent increase from the previous year, according to Forbes.
We must not get carried away, however. There are still a lot of factors that go into buying a home, and one of them is having stable income, which is one of the things that has been greatly affected by the pandemic.
But the fact that a pandemic is making homeownership possible for a whole generation is really where the concern is at. Not as many millennials would be able to qualify for homes if it wasn’t for the decrease in prices. Yes, lets take advantage of this sad opportunity, however; let’s try to do better in the new normal that we’ll be living after the pandemic.