Education and planning have helped some Chicago-area millennial home buyers overcome obstacles and become first-time homeowners, according to a Chicago Tribune article today.

The story, “’It’s a lot tougher nowadays’: Millennial homebuyers challenged with down payments and inventory,” outlines some of the biggest obstacles facing prospective homeowners and gives a brief explanation of how two couples succeeded in the process. A mortgage finance expert-author and REALTOR® Mabél Guzmán of @properties in Chicago says that consumers can make better decisions with some research and persistence.

For example, some prospective buyers may feel burdened by student loan payments, and others find the complexity of buying a home intimidating, the article states. Others are under the mistaken impression, says Guzman, that they must make a 20 percent down payment on a home. She urges them to find out more about the home buying process and search for financing alternatives with lower down payment requirements.

In addition to millennials making an impact on the housing market, the story notes that the oldest members of Generation Z are making their presence known, too. According to Realtor.com’s Fourth Quarter 2019 Generational Propensity Report, Generation Z is playing a role equal to the Silent Generation.

And according to Clever Real Estate’s 2020 Millennial Home Buyer Report, 25 percent of millennial home buyers have less than $1,000 saved, the article states. Even though the median price of a U.S. home is $310,000, the majority of millennials expect to pay about $210,000.

Read the entire Chicago Tribune article.