By: Cloud Realty
For millennials, buying a home can feel like climbing a mountain—but the mountain keeps getting taller. Between soaring home prices, student debt, and a hyper-competitive market, it’s no wonder many are wondering if they’ll ever make it to the top. Todd Salerno, a realtor who works closely with veterans and first-time buyers, has seen these struggles firsthand. However, he believes that millennials can still achieve the dream of homeownership with a few smart strategies and a shift in perspective.
The biggest roadblock? Affordability. Let’s face it—home prices have been rising faster than our salaries, and saving for a down payment can feel like a never-ending task. Toss in student loans, and it gets even more challenging. According to Salerno, “Many millennials are juggling massive student debt, which can make qualifying for a mortgage a challenge.” But he’s quick to point out that homeownership isn’t out of reach; it just requires some planning and flexibility.
And then there’s the inventory issue. In a lot of markets, there simply aren’t enough homes to go around. Fewer houses on the market mean higher prices and fewer options. The trick, Salerno says, is to be prepared. “Get pre-approved for a mortgage before you start looking,” he advises. “That way, when you find a home you love, you’re ready to make an offer immediately.” He also suggests being open to different neighborhoods or home types. Flexibility is critical when competition is fierce.
Another hurdle that often trips millennials up? Credit. Lenders are much stricter these days, and getting a mortgage might be challenging if you don’t have a solid credit score. Salerno’s advice is straightforward: Work on building your credit. That means paying off debt and managing your money wisely. It’s not glamorous, but it makes a difference—especially in an economy that’s constantly shifting. Job market instability and financial uncertainty can make committing to a mortgage feel like a leap of faith, but being financially prepared can help cushion the jump.
While the obstacles are real, millennials are also reshaping how real estate works. Growing up with technology has made them savvy house hunters, and they expect to see high-quality photos, virtual tours, and detailed online listings before they even consider setting foot in a property. “Millennials won’t waste time on homes that aren’t presented well online,” Todd explains. Agents who embrace these tools can give buyers a more seamless experience—and ultimately, better results.
When it comes to what millennials want in a home, the priorities are different than those of past generations. Instead of sprawling suburban homes, they’re looking for urban living, sustainability, and proximity to work or public transport. Many are even willing to sacrifice space for walkability and convenience. Green features like energy efficiency are also high on the wish list. As Salerno puts it, “Millennials are willing to pay more for eco-friendly homes. It’s about sustainability and reducing their environmental footprint.”
Todd recalls a success story with a millennial couple who was hunting for a home in a high-demand area. They were feeling discouraged by how fast properties were getting snatched up. By helping them clarify their needs and staying flexible about neighborhoods, they eventually found a home under budget that checked all the right boxes. “The market can be tough, but it’s all about being strategic and staying patient,” he adds.
Todd’s advice is refreshingly simple for those feeling overwhelmed by the financial side of things. Start saving early—even small amounts can add up over time. And don’t forget about the extra costs that come with owning a home, like maintenance, property taxes, and insurance. Being realistic about your budget is crucial. “So many first-time buyers get caught up in the excitement and forget about the ongoing costs,” he warns.
Salerno also suggests looking into first-time homebuyer programs, which can help reduce upfront costs. Grants, special loans, and assistance programs exist specifically for people in this position, and they can make all the difference when every dollar counts.
As for whether to rent or buy, Todd encourages millennials to think long-term. Renting is fine if you need flexibility, but buying starts to make more sense if you plan on staying put for at least five to seven years. Market conditions play a role, too. In some places, the cost of renting might actually be higher than buying over time. “If you can afford to buy, it’s often the smarter financial move in the long run,” Todd explains.
For those balancing the desire for a sleek, modern home with a tight budget, Salerno says to focus on needs, not wants. “Start with the essentials,” he advises. “You can always upgrade over time.” He also suggests looking at fixer-uppers. A home that needs a little love can be more affordable and allow you to put your stamp on it later. Even special loans help cover the costs of energy-efficient improvements, which can be a huge bonus for environmentally conscious buyers.
And, of course, no millennial home-buying journey would be complete without the help of technology. Apps like Zillow, Redfin, and Realtor.com are lifesavers, providing up-to-date listings and neighborhood data at your fingertips. Virtual tours and 3D walkthroughs save you from wasting time on houses that don’t fit your needs. Todd also recommends using budgeting apps like Mint or NerdWallet to help keep your finances on track and make sure you’re saving and spending wisely.
Millennials are definitely changing the real estate game. Their preference for urban living, eco-friendly homes, and flexible spaces that suit a remote-working lifestyle is reshaping the way homes are marketed and sold. And while the path to homeownership might not be easy, Todd Salerno believes it’s still achievable with the right approach.
For millennials, the dream of owning a home isn’t out of reach—it just requires patience, strategy, and a bit of flexibility. With a knowledgeable realtor like Todd in your corner, navigating today’s market can feel a lot less like scaling a mountain and more like taking one step at a time toward a place you can call home.
Published by: Khy Talara
