Millennials are a maligned group. Aged between 22 and 37, they are the generation with low wages, bound up by high rents, and unable to purchase their own properties.
Some Millennials, however, are taking matters into their own hands and looking for ways to change their circumstances, get on the property ladder, and enjoy a lifestyle approximating that of their parents.
Here are some ideas that they are trying.
Living In Bedsit Accommodation
Bedsit accommodation isn’t the most glamorous, but it’s something that many single young professionals are choosing to do. Sharing the cost of renting a full home with other people slashes the individual cost and gets the price of rent low enough to make saving a substantial amount of money feasible for the majority of millennials.
Of course, there are some downsides, like having to live with people you don’t know. But the upshot is that you get more disposable income at the end of the month and you could make some new friends.
Moving To Less Expensive Parts Of The Country
Rent isn’t universally high everywhere: there are some parts of the country where you’ll pay a fraction of the cost compared to your average city. Sure, while some of these locations might be a little out of the way, they can be an excellent option for remote workers.
Assuming That They Can Afford It
Many Millennials think that there’s no way that they can afford a home, especially with prices up in the six-figure range. But despite the nominal prices being high, interest rates are low, so the total amount you pay each month is probably less than you think.
A house on Wyndham Ridge, for instance, might seem out of your reach. But with the right money management and sufficient deposit, you’ll be surprised by the kind of house you can get, especially if both you and your partner are earning.
Living On A Canal Boat
If you want to live in a city but don’t want to pay extortionary prices, then living on a canal boat is a good option. Canal boats can cost as little as $140 per month to rent and are free if you own it. And they provide excellent access to city amenities.
Living on water might not be ideal for some, but it could be just the thing you need to get your living costs down low enough to enable you to begin saving some serious money.
Being Shrewd at the Negotiating Table
Millennials aren’t a generation known for their wheeling and dealing. But if you can hone your negotiation skills, you could save a substantial amount of money off your next home. Often, you’re able to get 10 per cent or more off the asking price, especially if you can find a seller who is just desperate to sell and move on.
Not many Millennials own their own homes, thanks to the peculiar economic circumstance the generation finds itself in, but that doesn’t mean that there aren’t ways that you can make it happen.
Millennials: Have you invested in your own property? How did you do it? Did you have to get creative? Share your story in the comments below.