Contrary to popular belief, millennials are saving up for homes

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Millennials are taking their role as the next generation of homebuyers seriously, with one-third planning to purchase a home within the next four to five years, according to the Chase Slate 2017 Credit Outlook.

Slate is a key card in the Wilmington-based Chase credit card operation.

That ambition has Millennials focusing on their credit scores and working to improve their credit health overall. The findings contradict that millennials prefer renting to ownership.

“Millennials are really doing their homework in preparation for buying a home in the near future,” said Mical Jeanlys, the general manager of the Chase Slate credit card. “That includes monitoring their credit, which is key when purchasing a home.”

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Slate determined that millennials:

  • are checking their scores.Millennials (39 percent ) check their credit scores every month – more than Gen Xers (31 percent and Boomers (28 percent).
  • mean business.62 percent ofthose who want to improve their credit have a plan of action.
  • think home, sweet home.One-third of Millennials (33 percent) say they plan to buy a home in the next four to five years, while nearly one-quarter (24 percent ) plan to purchase within the next three years.

“Americans – especially millennials – are planning for their next major milestone,” says Farnoosh Torabi, a personal finance expert and Chase Slate Financial Education Ambassador. “They’re assessing where they stand today and working to improve their tomorrow, whether that means buying a car or home, co-signing on a lease, walking down the aisle or applying for a new job.”

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