Can Millennials Achieve the American Dream?

[Benjamin Riehle]

My dream when I went off to college was to live for free, and achieve the American Dream of owning my own home. In 2007, I bought my first house in Tucson, AZ. I rented out three of the rooms and at 18 years old I was on the way to owning my own home, and was living for free.

Today, I was looking at an article asking the questions, do millennials still want to achieve the American dream of buying their own home? The answer is a definite yes. According to data, 66% believe that they will own a home within the next 5 years. They are facing significant problems with 62% of millennials having less than $1000 in their savings account and a student loan debt on average of $40,000. The numbers are not in favor for millennials to put a conventional down payment on their first house.

While that is not a promising sign, there are a number of conventional and non-conventional options that can help millennials achieve the American dream. First, down payment assistance programs like the Federal Housing Administration (FHA) loan, and the United States Department of Agriculture (USDA) mortgage program make the price of an initial down payment even easier for millennial. Another way millennials are able to buy houses is through a down payment assistant program. This is provided through local governments and can include grants, tax credits, and second mortgage loans.

With all of these resources, millennials are not far away from achieving the American dream. While the resources listed above are not conventional in home buying, they are beneficial. Millennials do not need to follow the “norm” of paying rent month after month. Instead, they can achieve the American dream at an extremely young age by using resources at their fingertips.