How the COVID-19 pandemic is affecting Millennials who want to buy a home

The COVID-19 pandemic is affecting the way Millennials are buying homes.

They were already facing barriers to homeownership prior to the pandemic. From college debt to trouble saving for a down payment, research shows that Millennials are eight to nine percent less likely to own a home than other generations were at the same age.

The pandemic and job loss are now adding another barrier.

Jake Sochaski, who rents an apartment in Orlando, told FOX 35 that prior to the COVID-19 pandemic, they wanted to purchase a home. But unfortunately, he lost his job as a cruise ship entertainer. While he has since found work, the pandemic has pushed his plans to purchase his first home back.

"When you switch careers, you need to wait a certain amount of time before you can purchase a home, obtain a mortgage," Sochaski said.

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Then, there are Millennials like Donnie Brookman, who is moving into his third home. Record-low interest rates during the pandemic have pushed him into the housing market.

"It actually makes our monthly mortgage payment pretty much the same it’s very, very close. Less than a $100 difference," he said.

Jessica Estrada, Owner of the Wolf Group at Keller Williams, told FOX 35 that those who can buy homes right now have more buying power and can get larger homes. 

However, she acknowledged that "those that have lost their jobs, they’re going to probably have to wait about 2 years depending on what the new job is that they find."

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Estrada also said that there is a low housing inventory right now as well, which limits choices for buyers.

Tune in to FOX 35 Orlando for the latest Central Florida news.