--- title: Do 46 Million Millennials Know They Are Mortgage Ready? description: This article addresses millennial home ownership readiness image: https://files.mykcm.com/2019/03/13133142/20190320-Share-KCM.jpg --- - [About Us](http://advantagehomeplus.com/what-we-do-2/) - [Testimonials](http://advantagehomeplus.com/testimonials-2/) - [For Employers](http://advantagehomeplus.com/for-employers/) - [Contact Us](http://advantagehomeplus.com/contact-2/) - [Resources](http://advantagehomeplus.com/resources/) - [FAQ’s](http://advantagehomeplus.com/resources/faq-page-1/) - [Glossary](http://advantagehomeplus.com/resources/glossary/) - [A Step-by-Step Guide](http://advantagehomeplus.com/resources/step-by-step-guide/) - [The Closing Process](http://advantagehomeplus.com/resources/the-closing-process/) - [Tips for a Smooth Closing](http://advantagehomeplus.com/resources/tips-for-a-smooth-closing/) - [News](http://advantagehomeplus.com/news/) [ ![](https://news.advantagehomeplus.com/hs-fs/hubfs/2021%20Logo%20AHP-2A%20Color%20(002)-jpg.jpeg?width=202&name=2021%20Logo%20AHP-2A%20Color%20(002)-jpg.jpeg)](http://advantagehomeplus.com/) - [Advantages](https://advantagehomeplus.com/) - [AHP Advantages](https://advantagehomeplus.com/) - [AHP Advantages for Family Members](https://advantagehomeplus.com/for-employers/) - [Purchasing](https://advantagehomeplus.com/buying/) - [First-Time Home Buyers](https://advantagehomeplus.com/buying/) - [Conventional Loan Programs](http://advantagehomeplus.com/loan-programs/conventional-loan-programs/) - [Government Loan Programs](http://advantagehomeplus.com/loan-programs/government-loan-programs/) - [Downpayment Assistance](http://advantagehomeplus.com/loan-programs/downpayment-assistance/) - [Special Loan Programs](http://advantagehomeplus.com/loan-programs/special-loan-programs/) - [Selling](http://advantagehomeplus.com/selling/) - [Selling](http://advantagehomeplus.com/selling/) - [Renovation & Refinancing](https://advantagehomeplus.com/refinance/) - [Renovation & Refinancing](https://advantagehomeplus.com/refinance/) - [Getting Started](http://advantagehomeplus.com/getting-started/) - [Getting Started](http://advantagehomeplus.com/getting-started/) - [Home](http://www.advantagehomeplus.com/) - [Advantages](http://advantagehomeplus.com/ahp-advantages/) - [AHP Advantages](http://advantagehomeplus.com/ahp-advantages/) - [AHP Advantages for Family Members](http://advantagehomeplus.com/ahp-advantages/advantages-for-family-members/) - [Purchasing](http://advantagehomeplus.com/loan-programs/) - [First-Time Home Buyers](http://advantagehomeplus.com/loan-programs/first-time-home-buyers/) - [Conventional Loan Programs](http://advantagehomeplus.com/loan-programs/conventional-loan-programs/) - [Government Loan Programs](http://advantagehomeplus.com/loan-programs/government-loan-programs/) - [Downpayment Assistance](http://advantagehomeplus.com/loan-programs/downpayment-assistance/) - [Special Loan Programs](http://advantagehomeplus.com/loan-programs/special-loan-programs/) - [Selling](http://advantagehomeplus.com/selling/) - [Selling](http://advantagehomeplus.com/selling/) - [Renovation & Refinancing](http://advantagehomeplus.com/renovation/) - [Renovation & Refinancing](http://advantagehomeplus.com/renovation/) - [Getting Started](http://advantagehomeplus.com/getting-started/) - [Getting Started](http://advantagehomeplus.com/getting-started/) - [What We do](http://advantagehomeplus.com/what-we-do-2/) - [What We do](http://advantagehomeplus.com/what-we-do-2/) - [Testimonials](http://advantagehomeplus.com/testimonials-2/) - [For Employers](http://advantagehomeplus.com/for-employers/) - [Contact Us](http://advantagehomeplus.com/contact-us-2/) - [Resources](http://advantagehomeplus.com/resources/) - [FAQ’s](http://hadvantagehomeplus.com/resources/faq-page-1/) - [Glossary](http://advantagehomeplus.com/resources/glossary/) - [A Step-by-Step Guide](http://advantagehomeplus.com/resources/step-by-step-guide/) - [The Closing Process](http://advantagehomeplus.com/resources/the-closing-process/) - [Tips for a Smooth Closing](http://advantagehomeplus.com/resources/tips-for-a-smooth-closing/) - [News](http://advantagehomeplus.com/news/) # Advantage Home Plus Blog [![Do 46 Million Millennials Know They Are Mortgage Ready? | MyKCM](https://files.mykcm.com/2019/03/13133142/20190320-Share-KCM.jpg)](https://news.advantagehomeplus.com/blog/do-46-million-millennials-know-they-are-mortgage-ready) ## Do 46 Million Millennials Know They Are Mortgage Ready? # Do 46 Million Millennials Know They Are Mortgage Ready? Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American 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](https://www.realtor.com/advice/sell/2019-reasons-to-sell-your-home/) 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 homeownership 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”*](https://www.urban.org/research/publication/barriers-accessing-homeownership-down-payment-credit-and-affordability-2018)*, *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 homeownership 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*](https://news.move.com/2019-02-20-Millennials-Now-Taking-On-More-Mortgages-Than-Any-Other-Generation) shows that in December, millennials accounted for 42% of all new home loans originated in the month. This is more than any other generation. #### **Bottom Line** If you are one of the many millennials who may be “Mortgage Ready” but are unsure what your next steps should be, you have an Employee Home Ownership Program designed to help you get answers to all of your questions and to save you money along the way.  Reach out to your benefits adviser by emailing [info@advantagehomeplus.com](mailto:info@advantagehomeplus.com).  Lets get together to help guide you on your path to homeownership! Let's get social! Follow us on [Facebook](https://www.facebook.com/AdvantageHomePlus/),[LinkedIn](http://linkedin.com/company/advantage-homeplus), and [Instagram!](https://www.instagram.com/ahpinsta/) By [Yolanda Wright](https://news.advantagehomeplus.com/blog/author/yolanda-wright) | May 9th, 2019 |Categories: [News](https://news.advantagehomeplus.com/blog/tag/news) , [home ownership](https://news.advantagehomeplus.com/blog/tag/home-ownership) , [Budgeting](https://news.advantagehomeplus.com/blog/tag/budgeting) , [homebuyers](https://news.advantagehomeplus.com/blog/tag/homebuyers) , [advantage home plus](https://news.advantagehomeplus.com/blog/tag/advantage-home-plus) ### Related posts - ![](https://news.advantagehomeplus.com/hubfs/download11.png) [Permalink](https://news.advantagehomeplus.com/blog/test) ## test - ![aerial-photography-aerial-shot-aerial-view-1546166](https://news.advantagehomeplus.com/hubfs/aerial-photography-aerial-shot-aerial-view-1546166.jpg) [Permalink](https://news.advantagehomeplus.com/blog/5-budget-tips-for-home-shoppers) ## 5 Budget Tips for Home Shoppers - ![adult-attractive-beautiful-371109](https://news.advantagehomeplus.com/hubfs/adult-attractive-beautiful-371109.jpg) [Permalink](https://news.advantagehomeplus.com/blog/how-to-budget-for-a-house) ## How to Budget for a House - ![advertising-back-casual-164571](https://news.advantagehomeplus.com/hubfs/advertising-back-casual-164571.jpg) [Permalink](https://news.advantagehomeplus.com/blog/6-tips-to-get-your-credit-in-shape-before-buying-a-house) ## 6 Tips to Get Your Credit in Shape Before Buying a House - ![account-bank-cashbook-870902](https://news.advantagehomeplus.com/hubfs/account-bank-cashbook-870902.jpg) [Permalink](https://news.advantagehomeplus.com/blog/refinancing-when-is-the-right-time) ## Refinancing – When is the Right Time? 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