For parents and grandparents with recent graduates and 20-somethings in their families, it can be shocking to see the amount of money younger generations are spending on rent. Forbes reported that true homeownership rates for 18-34 years olds had fallen to 13.2 percent in 2014 (a new low), and CNBC reported that U.S. renters paid a collective $441 billion in rent in 2014, up $20.6 billion from 2013.
Recent changes have taken place, however, that are making buying a home much more affordable. If you know of anyone currently renting, read on about these important changes from Mischelle Weaver, our director of mortgage loan services: