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46 million Millennials qualify for a mortgage, but many don't realize it.

Monday, March 25, 2019   /   by Vanessa Saunders

46 million Millennials qualify for a mortgage, but many don't realize it.

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We have written about the millennial generation and whether or not they, as a whole, believe in home ownership as part of attaining the American Dream. As they grow older, many of the millennial generation living in the Hudson Valley can qualify for a mortgage but just don't realize how close they already are to that dream.

Millennials have taken longer to obtain traditional milestones than the generations before them, such as getting married, having kids, and buying a home. However, that does not mean that they do not still aspire to achieve those things.

History shows that people tend to buy their first home around age 30. Nearly 5 million millennials will turn 30 in the next two years. This will continue to fuel demand for housing.

This is also one of the many reasons why the millennial home ownership rate has continued to grow over the past few years. 48.4% of Americans between the ages of 30-34 now own a home.

There are over 46 million millennials (33% of the generation) who are considered “Mortgage Ready”,meaning they meet the qualifications to be approved for a mortgage today!

  • a FICO Score ≥ 620
  • a Back-End Debt to Income Ratio ≤ 25%
  • no Foreclosures or Bankruptcies in the last 7 years
  • no severe delinquencies in 1 year

Rob Chrane, CEO of Down Payment Resource, commented on the findings of the report,

“We now know there are millions of buyers with the income & credit necessary to qualify to buy a home. The biggest question is:

Do they know it? …Unfortunately, many renters don’t investigate home ownership simply because they don’t believe it’s an option.”

The good news is that more and more millennials are realizing that they can afford a home now. Even so, more can be done to increase awareness of low down payment programs to attract even more of this generation.

New data from realtor.com shows that in December, millennials accounted for 42% of all new home loans originated in the month. This is more than any other generation.

Global Property Systems Says:

If you are one of the many millennials who may be “Mortgage Ready” but are unsure what your next steps should be, contact a Global Property Systems area specialist who can help guide you on your path to home ownership. To contact a mortgage lender, we recommend Barry Goldenberg, Senior Mortgage Loan Originator with Luxury Mortgage, to answer all your questions about what kind of financing you may qualify for.


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Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

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