27 May 2019

Having your own home is one dream that many people strive to achieve. Unfortunately, not everyone can make it a reality. And instead of going on a quest to find a property and make it their very own, they do so to rent; this is what most millennials do today, even though one of their priorities is owning a house. But why are millennials having trouble purchasing their own residential property?

Why Most Millennials are Still Renting

It is known that above having a family, most millennials make it a priority to own their very own home. Once they finish their education and start their careers, the next step they try to take is to save up for a property that they can eventually turn into a home. However, this does not become a reality for many millennials today. Data shows that for this generation, home-ownership is lower than that of their parents and grandparents at their age. Here are some reasons why:

  • Most millennials have huge student loans to pay after they finish school. This translates to around $30,000 per graduate, which is the national average in the U.S. And that takes a huge chunk out of their savings for a home
  • Delaying marriage also causes a delay in purchasing a home. Millennials, while they prioritize being homeowners, find little to no reason for buying a home if they don’t have a family to live in it with
  • Staying at house rentals while saving for a property becomes a hurdle because of the increasing rents
  • Down payments for a house are quite expensive. And many millennials can’t afford it unless they save for it for a considerable time

These obstacles make it hard for today’s generation to be homeowners. And so, the rental industry is still quite active. However, many developers and investors today make it easier for people to purchase property with the variety of payment options they offer. And if you really want to own your home today, you definitely can.

With Zawaya Property, your hunt for the perfect home and purchasing it will be a reality. As the property arm of Noor Bank, you are assured of excellent services and be confident that your investment will pay off. Find out how Zawaya Property can help you in your quest for being a homeowner in Dubai now! Visit their website and learn more about them.