Millennials now have more mortgages than any other generation. Once again debunking the myth that Millennials are living in their parents’ basements, Realtor.com found that 42% have a home loan, pulling ahead of Gen X and Baby Boomers. They’re cutting costs by making much lower down payments than other generations, gravitating towards cheaper, non-urban areas, and spending less overall on their starter homes. However, their average purchase price is also growing faster than the generations before them. (PR Newswire)
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