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Join us at MeridianLink® LIVE! to uncover redefined strategies to support your millennial and Gen Z borrowers.
The aspiration of homeownership has been deeply ingrained in the fabric of American culture. However, for millennials and Gen Z, this aspiration can be frightening with the harsh realities of housing affordability. As rent continues to rise and home prices reach unprecedented heights, younger generations find themselves struggling with the prospect of owning a home. In fact, a MeridianLink® mortgage survey of over 1,000 consumers finds that 31% of Americans are less confident in their ability to afford a home today than they were five years ago.
However, there is hope, and forward-thinking financial institutions and mortgage lenders like yourself can be a part of helping consumers realize their homeownership dreams.
In this blog, we offer a sneak peek into the core of the housing affordability crisis plaguing the United States, exploring innovative strategies and actionable insights tailored specifically for millennials and Gen Z. However, for a deeper dive into these crucial topics, we invite you to join us at MeridianLink LIVE! 2024, from April 29 to May 2. Register below to take part in sessions and solution-based collaboration that can empower your institution to better serve younger homebuyers.
Understanding the Housing Affordability Crisis
Before we can effectively help the millennial and Gen Z population prepare for homeownership, we must first understand the breadth of the challenges at hand. Housing affordability emerges as a multifaceted issue, stemming from factors including the disproportionate cost of living relative to stagnant wages, escalating housing costs, lackluster credit scores, overwhelming debt burdens, and limited inventory.
For those seeking a comprehensive understanding of the macroeconomic affordability landscape, the challenges of mortgage loan origination costs, and effective solutions to strengthen affordability, we have your solution. Jim Deitch, certified mortgage banker and CEO/founder of Teraverde® and Amy Strauss, business systems manager for Howard Hanna Mortgage Services will be joining us at MeridianLink LIVE! presenting real-world challenges and innovative solutions that can empower your mortgage lending institution to enact meaningful change. During our scheduled sessions we’ll dissect the key drivers behind the crisis and shed light on its impact on millennials and Gen Z— who collectively represent a substantial portion of the market share.
Innovative Accessibility
Innovation is the driving force behind transformative change. As a financial institution, it’s crucial to advance your tech stack to meet the expectations of millennials and Gen Z, who prefer seamless digital transactions. From the convenience of online mortgage platforms to the immersive experience of virtual home tours, and the encouragement of debt optimization solutions, technological innovations have reshaped every aspect of the homebuying process.
Yet, innovation doesn’t merely end with technology. Our enlightening sessions will explore a diverse array of innovative approaches designed to improve accessibility to homeownership for younger generations. These include advocating for zoning reforms to allow increased density, promoting the integration of Accessory Dwelling Units (ADUs), implementing measures to control construction costs, and advocating for policy reforms.
Moreover, you’ll see how offering educational programs focused on credit improvement and budgeting can play a vital role in preparing Gen Z and millennials for homeownership, equipping them with the necessary financial literacy to navigate the complexities of purchasing a home.
Join Us at MeridianLink LIVE! for More Mortgage Insights
The journey to homeownership undoubtedly comes with its challenges, but they are challenges that can be overcome. By offering the power of knowledge, streamlined services, and advocating for necessary changes, mortgage businesses can adapt and grow alongside millennials and Gen Z borrowers—contributing to a future where homeownership becomes a tangible reality for those who aspire to achieve it.
And remember, this is just the start of the insights that we have in store for you. We hope to see you at MeridianLink LIVE! in Nashville, TN, to continue this enriching experience!
