By: Cloud Realty
Buying a home in today’s market feels like running a marathon in the middle of a sandstorm—prices are high, inflation bites and interest rates keep creeping up. But according to real estate expert Coleen Wallace, millennials aren’t backing down. In fact, they’re rolling up their sleeves, adjusting their strategies, and proving they have what it takes to get a foothold in homeownership.
Wallace points out that the biggest challenges millennials face are no surprise: sky-high prices, rising costs on everyday essentials, and the extra sting of high property taxes in cities. “It’s a lot to navigate,” she says. “And recent hurricane damage is driving up insurance rates across the board, making that final homeownership goalpost feel even farther away.”
But it’s not all doom and gloom. Wallace’s advice? Get strategic. “If you’re set on living in a popular area, it’s time to get disciplined with your finances,” she says. “Every dollar counts when it comes to saving for that down payment.” For those willing to look just outside city limits, she adds, more affordable options and negotiating power open up. “You might be able to find deals like seller concessions on closing costs or even builder incentives, which some companies like are offering with lower rates and insurance options.”
Wallace also notices that millennials, often juggling busy careers and families, prefer homes that are ready to go. “They don’t have the time to do major renovations,” she explains. Her advice for sellers: spruce up the basics and add some tech perks like a smart thermostat or Ring doorbell. She’s even seen sellers throw in a prepaid landscaping service or a concession for backyard.
Wallace’s practical tips are all about trimming the fat where you can. “Cooking at home, skipping the daily latte, canceling unnecessary subscriptions—it might sound basic, but that’s money you can put toward your future,” she advises. For those ready to think outside the box, she also recommends “house hacking”: buying a home with extra rooms and renting them out to help cover the mortgage. “It’s a great way to build equity and save, and in a few years, you could even turn it into a full rental property.”
Owning a home doesn’t just mean freedom from rising rent, she adds; it’s a financial tool. “When you own, you’re not just making a landlord rich. You have an asset that you can use to borrow against or improve to build wealth.”
Wallace also believes millennials can build eco-friendly, energy-efficient homes within their budgets by focusing on simple upgrades over time. “Investing in efficient appliances, using sustainable materials like reclaimed wood, and replacing bulbs with LEDs are all ways to make your home greener without breaking the bank,” she says. She suggests checking for government incentives, rebates, and tax breaks that can make green home improvements easier on the wallet.
And for tech-loving millennials, Wallace’s advice is simple: use it to your advantage. “Apps, Google Earth, video tours, and online crime stats make it easier than ever to shop smart,” she says. “And you can get a real feel for neighborhoods and amenities before even setting foot inside a potential home.”
At the end of the day, Wallace sees millennials breaking new ground as homeowners by making careful, informed choices and bringing a fresh approach to the table. “They’re savvy, resilient, and willing to adapt. This is their market, too—they’re just getting to it in their own way.”
Published by Iris S.
