Copping a crib is one hell of an investment. In reality, reaching the American dream through home ownership has become a pastime.
This particular trend is most common amongst Millennials with piled up student-loan debt. The cost of education has actually halted Millennials from buying homes like there Baby Bust, and Baby Boomer predecessors sooner.
Back in the day, most Americans would have thrown chips down on a home by their mid-30s. Now, with most first time home buyers being Millennials, it’s time to find a solution to moving out of your momma’s basement.
When the housing market prices are too high and your parents offer a roof over your head for the low…
To prove that this trend is real, a survey was taken and released in 2017 highlighting the contributors to this decline of millennials copping cribs.
The study found that non-homeowners, who made up 83 percent of the survey, claimed,
“Student loan debt as the factor delaying them from buying a home. This is most frequently the case due to the fact that the borrowers cannot save for a downpayment because of their student debt.”
For millennials that already have a crib — roughly 28 percent surveyed — they found that student debt was putting pressure on them not to buy a second home, and it was tough to sell their current home because of financial constraints.
Most Millennials can’t stash cash because of investments in their education. According to the Millennial study, 85% of respondents said they weren’t able to save for a down payment because of their student loans. This is even with the median down payment for a house falling one percent in 2017.
There’s also the issue of financial insecurity nearly 75 percent of respondents said they’re putting off buying a cribbington because their student debt makes them feel too financially insecure. Another 52 percent can’t even qualify for a mortgage because of their debt-to-income ratio.
So how do Millennials cop the crib and still be financially secure? By 3D-printing their own cribs for the low.
Earlier this month at SXSW, New Story, an international housing non-profit, and ICON, a Texas-based robotics startup unveiled the first 3D-printed ready-to-live-in abode. The crib only costs $10,000 to build and was fully constructed in less than a day.
Cheaper production costs, stronger materials, and affordable housing — there’s no combination that sounds better than that to a Millennial these days. As of right now, New Story and ICON are focusing on lowering the production costs to $4,000 to build homes in countries like Haiti, El Salvador, and Bolivia.
I know there are people out there struggling but on some first world problem type shit we lowkey need these cribs over here in America. This could be the resolution Millennials who are looking to cop cribs this year are looking for.
If you believe in this innovation we suggest you throw some dice on the craps table. Who knows? If it works in less fortunate countries imagine how it can revolutionize a fortunate one.
It could be a game changer and make us Millennials finally feel like actual adults.