Millennials approach homeownership already in debt

On this blog, we've discussed the rising rate of millennial homeowners. Despite their growing influence on the home-buying market, younger adults lag behind previous generations in their movement toward homeownership. Many of those consumers are already saddled with considerable student loan debt, but pursue homeownership anyway. 

"For millennials who head down the aisle and start decorating nurseries, a mortgage is a scary prospect to add to an already heavy debt load," explains U.S. News and World Report. "It makes sense that they've delayed the homebuying process compared to previous generations, as only 36 percent of homeowners are age 35 and younger, according to the census."

One of the important differences between millennials and previous generations of homeowners is their expectation that the process, from real estate to insurance, be automated. A home is often considered an individual or couple's most important investment, and guaranteeing that valuations in insurance policies are correct requires an effective system. 

This spares homeowners significant out-of-pocket expenses if a valuation is insufficient to cover the replacement cost of a home or business property. For a generation already encumbered with significant debt, this is perhaps more critical than ever. Whether it's covering the cost of a deductible or unforeseen costs, insurance policies should state the most current and precise value of a home. For millennials, this can prevent compounding debt and financial insolvency when a catastrophic incident occurs. 

The best way insurance professionals can guarantee accurate, up-to-date home valuations is to use a reliable calculator. At e2Value, our valuation services provide high-quality and consistent figures that reflect the most current value of a property. Contact us today to learn more about our services.