Unemployment rates are at a record high. This is causing people to dip into their savings account to stay afloat. With the money that has been removed from the savings, it is estimated that it would take the average millennial at least 9 months of savings to recoup one month of previous expenses.
What does this mean for the millennials? It means that if they were hoping to buy a home in the near future, their plans might be delayed. And delayed long after the Coronavirus is under control.
To view this on a larger scale, suppose someone was out of work for 6 months. It would take the average millennial 53 months, to recover their savings. That means it would take over 4 years to recover from a 6 month period of unemployment.
So why is this targeting millennials only, when there are other generations buying? This is because millennials are the largest generation in history and make up the largest group to be looking to buy homes.
To discuss this in greater detail call/text me at 931-237-1417.
original article from RISMedia.com