Millennials on Renting & Buying: Bad Credit Merchant Account
Today, millennials represent a greater number of college graduates as compared to Gen Xers and Baby Boomers. However, the reality of homeownership is different from these groups. If you’re interested in the topic and want to know where you can obtain the best bad credit merchant account easily, just keep on reading the post.
Owning Vs Renting: Get a Bad Credit Merchant Account
The Urban Institute reports that the homeownership rate associated with millennials is almost 8% points lower as compared to the one associated with Gen Xers and baby boomers at the same age. Late marriage, student debt, and life in high-cost cities are among the reasons why this is so.
On a side note, did you know that Instagram and other social media platforms are pushing millennials into buying their 1st homes? A recent report from Bank of America has revealed that this is a really motivating factor these days.
What about starting or growing a business? This is another highly important issue that millennials are thinking about. Thankfully, there’re reputable payment processors and alternative online lenders apart from traditional banks that’s ready to work with both low and high-risk individuals/businesses. So, with a true payment specialist, you won’t have a difficult time getting approved for merchant services, including a bad credit merchant account, fast and easily.
Buying Vs Renting a Home
First, let’s look at renting. Millennials consider renting advantageous since the fixed costs are relatively affordable than those associated with homeownership. Lifestyle is also among the most decisive factors when it comes to renting a home.
Now, let’s take a look at homeownership. Well, TransUnion reports that 13 – 17 million millennial consumers are anticipated to be in the homeownership market by 2022. According to Bank of America, 72% of millennials consider homeownership as their most important life priority.
Based on recent research in the field, millennials account for the biggest share or 42% of new mortgage loans by dollar volume. This is the 1st time they have surpassed Generation X. What’s the reason?
Well, one of the main reasons is that millennials, as a group, are buying more homes than before. From an individual perspective, they’re making lower down payments thought home prices are become more expensive and require larger mortgages.
According to Realtor.com, it’s not true that millennials prefer buying homes and living in large metro areas. Vivas further notes that the reason why millennials are expanding is more based on the affordability factor than before.
Finally, millennials are waiting longer to own homes. Why? Because purchasing a home is of more challenge these days than it was in the past. By the way, when buying their 1st home today, millennials usually pay 39% more as compared to baby boomers. The latter group purchased their 1st home in the 1980s, as Student Loan Hero reports.
So, no matter you need merchant services to start or grow your business or need access to capital for this or that reason, a true merchant services provider can help you get the best deal.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high-risk payment processing company eMerchantBroker that offers the most reliable and cheapest bad credit merchant account in the industry. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.