This year’s coronavirus pandemic and the accompanying recession have turned a lot of people’s financial plans upside down. But those Millennials who’ve been lucky enough to keep their jobs are pushing ahead with their plans to buy a home, in part because the pandemic is helping them do so.
The nation’s largest generation has been helped by record-low mortgage interest rates, according to a recent realtor.com® survey. Those low rates are helping to offset home prices that are at an all-time high in many places.
Almost half of millennials (49%) pushed up their plans to buy a home due to the pandemic, according to the survey. Of the roughly three-quarters of Millennials surveyed who are now working remotely due to the threat of contracting COVID-19, nearly two-thirds hope to buy a home because they can now telecommute.